- ETH price collapsed further against the US Dollar and Bitcoin, and reached a monster support around $6.20-40.
- There are two bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which may act as a resistance if the price recovers.
- No doubt, the price has reached a major turning points or we may call it as make it or break it levels.
Ethereum price extended its downside against the USD, and moved below $7.00. However, the ETH/USD pair has now reached a monster support just above $6.00.
Ethereum Price Support to Hold Downsides?
ETH price failed to hold the downside move and declined further against the USD and BTC. The ETH/USD pair broke a major support area at $7.00, and traded lower. There was a sharp downside move, taking the pair further lower. Now, the question which comes to everyone’s mind is how long this may continue? I think the price gone too far, and must find a support soon.
The price has now reached a monster support area just above $6.00. It was a turning point many times, and could act as a strong barrier for the downside. There are chances that the price may find bids around the current or a bit lower levels, and start consolidating. So, the ETH sellers need to be very careful from here, and need not to get aggressive. On the upside, there are two bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
These trend lines along with 38.2% Fib retracement level of the last decline from the $7.53 high to $6.39 low may act as a resistance.
Hourly MACD – The MACD is strongly placed in the bearish zone, which is a concern.
Hourly RSI – The RSI has reached the extreme oversold readings, calling for a correction.
Major Support Level – $6.20
Major Resistance Level – $7.00
Charts courtesy – SimpleFX