Analysis Technical

Ethereum Price Analysis: ETH/USD Breaks $500

Aayush Jindal | June 13, 2018 | 3:28 am
technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Breaks $500

Aayush Jindal | June 13, 2018 | 3:28 am

Key Highlights

  • ETH price declined further and failed to hold the $500.00 handle against the US Dollar.
  • This week’s followed important bearish trend line acted as a barrier near $540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair declined below the $500 handle and it may accelerate declines in the near term.

Ethereum price is struggling to recover against the US Dollar and Bitcoin. ETH/USD traded below the $500 level and it remains at a risk of more losses.

Ethereum Price Decline

There was a minor upside recovery above the $520 level in ETH price against the US Dollar. The price corrected towards the $530 and $540 levels, where sellers defended more gains. There was a failure to break the $540 resistance area. Moreover, the 61.8% fib retracement level of the last drop from the $566 high to the $503 low, which ignited a downside reaction.

More importantly, this week’s followed important bearish trend line acted as a barrier near $540 on the hourly chart of ETH/USD. The pair faced a solid selling interest near the $540 level. It declined and moved below the $520 and $510 support levels. The downside move was strong as the price declined below the $505 swing low and broke the $500 handle. After the $500 level break, the price moved further into the bearish zone towards $440. It traded towards the $480 level recently and formed a low at $483. If it corrects higher, the 38.2% Fib retracement level of the last drop from the $545 high to $483 low may act as a hurdle.

Ethereum Price Analysis ETH USD

Looking at the chart, the current price action is super bearish and the recent break below $500 could put a lot of pressure on Ether buyers. The next supports area at $465 and $440.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is in the extreme oversold levels with no signs of a recovery.

Major Support Level – $465

Major Resistance Level – $505

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!