Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – ETH/USD Could Break $500

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price is under pressure as it moved below the $560 support level against the US Dollar.
  • There was a break below a major bullish trend line with support at $560 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may continue to decline and it could even attempt a break below the $500 level in the near term.

Ethereum price is slowly declining once again against the US Dollar and Bitcoin. ETH/USD remains at a risk of more declines below the $500 level.

Ethereum Price Resistance

There were no further gains above the $585-590 levels in ETH price against the US Dollar. The price started a downside move and traded below the $575 and $560 support levels. There was also a break below the 23.6% Fib retracement level of the last wave from the $455 low to $589 high. During the decline, the price also broke the $540 level and it is currently well below the 100 hourly simple moving average.

More importantly, there was a break below a major bullish trend line with support at $560 on the hourly chart of ETH/USD. At the moment, the pair is trading a few points below the 50% Fib retracement level of the last wave from the $455 low to $589 high. It may continue to decline in the short term and there is a risk of a break below of the $500 support. Below $500, the price may trade lower towards the 76.4% Fib retracement level of the last wave from the $455 low to $589 high at $487.

Ethereum Price Technical Analysis ETH USD

On the upside, there is a connecting bearish trend line with current resistance at $554.00. Moreover, the 100 hourly SMA is positioned at $552 to act as a major hurdle for buyers.

Hourly MACD – The MACD is now in the bearish zone.

Hourly RSI – The RSI is currently well below the 60 level.

Major Support Level – $500

Major Resistance Level – $550

 

Charts courtesy – Trading View

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