Key Highlights
- ETH price extended its decline and traded to a new weekly low at $415.54 against the US Dollar.
- There is a major bearish trend line forming with resistance near $435 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is in a bearish zone and it could extend its decline towards the $405-410 levels in the near term.
Ethereum price is struggling to recover against the US Dollar and Bitcoin. ETH/USD may perhaps decline further below the $415 low if buyers continue to struggle.
Ethereum Price Upside Hurdle
There was a rejection noted around the $446 level in ETH price against the US Dollar. The ETH/USD pair failed to break resistance and declined back below $430. There was a break below the $425 and $420 support levels. As a result, there was a new low formed at $415.54 and the price is currently in a bearish zone. An initial resistance is around the 23.6% Fib retracement level of the last drop from the $450 high to $415 low.
If there is a break above $423, the price could extend gains towards the $430 level. On the upside, there is a major bearish trend line forming with resistance near $435 on the hourly chart of ETH/USD. The same trend line is positioned with the 50% Fib retracement level of the last drop from the $450 high to $415 low. Therefore, the price is likely to face a strong resistance near the $430-435 zone. A break above this could push the price towards the $445 level and the 100 hourly simple moving average.
Looking at the chart, the price is clearly under a lot of pressure below $430. It may perhaps continue to move down towards the $410 level. On the upside, resistances are at $430, $435 and $445.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI – The RSI is now well below the 40 level.
Major Support Level – $410
Major Resistance Level – $435
