- ETH price extended the recent correction against the US Dollar and moved below the $10.40 level.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is active on the upside and acting as a resistance near $10.45.
- It looks like the pair is slowly moving down, and may continue its decline towards $10.20.
Ethereum price remained a slow and steady downtrend against the US Dollar. More losses are likely in ETH/USD, as long as price is below $10.50.
Ethereum Price Decline and Resistance
We recently saw a minor top in ETH price against the US Dollar at $10.84, as the price started correcting lower. There was a move below the $10.55 support area and the 100 hourly simple moving average, which started a downside move. The downside move was extended once there was a break below the 23.6% Fib retracement level of the last leg higher from the $9.57 low to $10.84 high.
The price later moved below the $10.40 support area as well, which is now a sign of more losses ahead. Yesterday, I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. The same trend line continued to act as a resistance with current hurdle near $10.45. The price is now attempting a close below the 38.2% Fib retracement level of the last leg higher from the $9.57 low to $10.84 high. If it happens, it could open the doors for a test of $10.20.
The stated level also represents the 50% Fib level of the same wave mentioned. Overall, the price remains at a risk of more losses may be towards $10.20.
Hourly MACD – The MACD remains in the bearish zone, suggesting more declines.
Hourly RSI – The RSI is also below the 50 level with mostly flat structure.
Major Support Level – $10.20
Major Resistance Level – $10.50
Charts courtesy – SimpleFX