Key Highlights
- ETH price declined heavily and traded close to the $425 support area against the US Dollar.
- There is a crucial bearish trend line in place with resistance at $448 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is consolidating losses and it is facing many resistances on the upside near $440 and $448.
Ethereum price is back in a negative zone against the US Dollar and Bitcoin. ETH/USD could correct higher, but it is likely to face sellers near $445-448.
Ethereum Price Resistance
Yesterday, there were heavy losses in ETH price as it broke the $460 support against the US Dollar. The ETH/USD pair declined below the $452 pivot level to move into a negative zone. It almost tested the $425 support before buyers appeared. A low was formed at $428.14 and the price is currently consolidating. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $486 high to $428 low.
Above the $441 resistance, the next hurdle is near the $448-452 barrier. There is also a crucial bearish trend line in place with resistance at $448 on the hourly chart of ETH/USD. The trend line resistance coincides with the 50% Fib retracement level of the last drop from the $486 high to $428 low. More importantly, the 100 hourly simple moving average is aligned with the trend line and is currently at $460. Therefore, if the price corrects higher, it is likely to face many barriers near $441, $448 and $455.
Looking at the chart, the price is currently trading in a range above the $428 low. If there is a downside break, the price may perhaps move towards $410. The overall price structure is bearish as long as the price is below $448 and the 100 hourly SMA.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is now around the 40 level.
Major Support Level – $410
Major Resistance Level – $448
