Ethereum Price Weekly Analysis – ETH/USD Tumbles Below $560

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price was under immense bearish pressure and it declined below the $560 support against the US Dollar.
There is a major bearish trend line forming with resistance at $575 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair may continue to slide and it could even break the $500 level in the near term.

Ethereum price declined sharply during the past few days against the US Dollar and Bitcoin. ETH/USD could continue to move down below the $500 level.

Ethereum Price Decline

This past week, a major downside move was initiated from the $750 swing high in ETH price against the US Dollar. The price declined and moved below the $700 and $600 support levels. The decline accelerated recently and sellers succeeded in pushing the price below the $560 support. ETH price is now trading well below the $600 level and the 100 simple moving average (2-hours).

The recent low was formed at $508 and it seems like the price may even not correct in the short term. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $738 high to $508 low. Moreover, there is a major bearish trend line forming with resistance at $575 on the 4-hours chart of ETH/USD. The pair remains at a risk, and if there is a correction from the current levels, the $575 level could act as a major resistance.

On the downside, the recent low of $508 is a tiny support. It seems like the price may test the $500 level in the near term. A break below the $500 level could really put buyers under a lot of pressure. In the mentioned case, below $500, the price could move into a medium term downtrend with chances of more losses.

4-hours MACD – The MACD is placed well in the bearish zone.

4-hours RSI – The RSI is currently near the oversold levels.

Major Support Level – $500

Major Resistance Level – $575

Charts courtesy – Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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