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Home Technical analysis

Ethereum Price Analysis: ETH/USD Bearish Below $468

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
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Key Highlights

  • ETH price struggled to move higher and declined below the $458 support against the US Dollar.
  • There are two bearish trend lines formed with resistance at $457 and $468 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is under bearish pressure and it could decline further below $445 in the near term.

Ethereum price is facing tough time against the US Dollar and bitcoin. ETH/USD is in a negative zone below the $464 and $468 resistance levels.

Ethereum Price Trend

There was an increase in selling pressure below $465 in ETH price against the US Dollar. The ETH/USD pair failed to hold gains and declined below the $460 support area. The decline was strong as the price traded towards the $445 level. It even settled below the $460 level and the 100 hourly simple moving average. A low was formed at $445.98 before the price recovered.

It moved above the 38.2% Fib retracement level of the last drop from the $471 high to $445 low. However, the upside move was capped by the previous support near $458-460. Moreover, the 50% Fib retracement level of the last drop from the $471 high to $445 low also prevented gains. At the moment, the price is under bearish pressure and is likely to decline towards $445. On the upside, there are two bearish trend lines formed with resistance at $457 and $468 on the hourly chart of ETH/USD. An intermediate resistance is near $464 and the 100 hourly SMA.

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Ethereum Price Analysis ETH USD

Looking at the chart, the price is clearly trading in a bearish zone below $468. It may perhaps continue to decline towards the last swing low of $445. Below this, there are high chances of a sharp downside move towards the $430 level in the near term.

Hourly MACD – The MACD is slightly placed in the bullish zone.

Hourly RSI – The RSI is well below the 50 level with a bearish angle.

Major Support Level – $445

Major Resistance Level – $468

Tags: Ethereum AnalysisEthereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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