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Key Highlights
- ETH price recovered a few points, but faced sellers near $445 against the US Dollar.
- Yesterday’s highlighted important bearish trend line is intact with resistance at $447 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to struggle as long as it is below the $445 and $448 resistance levels.
Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD must move higher above $448, if not, there is a risk of more losses.
Ethereum Price Upside Hurdle
After a major drop, ETH price found support near the $425 level against the US Dollar. The ETH/USD pair formed a base and started a minor upside correction above $430. There was a spike above the $440 resistance, but buyers failed to gain momentum. Additionally, there was no proper close above the 23.6% Fib retracement level of the last decline from the $496 high to $425 low.
The price attempted to break the $445 level on two occasions, but it failed. Above this, yesterday’s highlighted important bearish trend line is intact with resistance at $447 on the hourly chart of ETH/USD. Finally, above the trend line, the next hurdle for buyers is near $452 and the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the last decline from the $496 high to $425 low. Therefore, the price is likely to struggle near the $445, $448 and $452 resistance levels.
Looking at the chart, the price is currently moving lower from the $445 resistance. On the downside, an initial support is at $432. A break below this could push the price towards the $425 low. Overall, the price is at a risk of more declines as long as it is below the $448 resistance.
Hourly MACD – The MACD is about to move back in the bearish zone.
Hourly RSI – The RSI is now back below the 50 level.
Major Support Level – $448
Major Resistance Level – $432
