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