Ethereum Price Technical Analysis – ETH/USD Could Decline Further 2018-03-29

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price is under a lot of pressure and is struggling to correct higher even by $25 against the US Dollar.
There is a short-term contracting triangle forming with current resistance at $450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at a risk of more losses and it may soon break the $430 level in the near term.

Ethereum price is facing heavy selling pressure against the US Dollar and Bitcoin. ETH/USD may extend the current decline towards the $430 and $420 levels.

Ethereum Price Decline

The current structure is bearish below $480 in ETH price against the US Dollar. The price is struggling to even correct higher by more than $25. It settled below the $480 level and it remains at a risk of more losses. The recent low was formed near $440 before the price started a short-term consolidation. An initial resistance is around the 23.6% Fib retracement level of the last drop from the $497 high to $440 low.

There is also a short-term contracting triangle forming with current resistance at $450 on the hourly chart of ETH/USD. There are very less chances of ETH breaking the $450 and $455 resistance levels. If it succeeds in breaking the $455 level, the next resistance is near the 50% Fib retracement level of the last drop from the $497 high to $440 low. Moreover, at $475, the 100 hourly simple moving average is positioned with the 61.8% Fib retracement level of the last drop from the $497 high to $440 low.

Therefore, there are many resistances on the upside starting from $455 up to $475. On the downside, a push below the $440 level may call for a test of the $430 and $420 levels.

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

Hourly RSI – The RSI is currently placed well below the 50 level.

Major Support Level – $440

Major Resistance Level – $455

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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