Key Highlights
- ETH price declined sharply from the $395.56 swing high against the US Dollar.
- There is a monster bullish trend line with support at $325 on the 4-hours chart of ETH/USD (data feed via SimpleFX) that held the downside.
- The pair is currently recovering, but remains under pressure below $360 in the near term.
Ethereum price declined sharply after forming highs against the US Dollar and Bitcoin. Is ETH/USD still in uptrend above the $325 level?
Ethereum Price Support
This past week was a good one for ETH price as it moved higher towards the $380 level against the US Dollar. The price even broke $380 to trade as high as $395.56 where it faced sellers. Buyers struggled to take the price above $395.56, and as a result, there was a downside move. The price dipped strongly and traded lower by more than $50. All crytos and Bitcoin price were seen struggling. BTC/USD after making a top started declining and dragged ETH/USD along.
The price even traded below the $350 level. However, the downside move found support near $325. A monster bullish trend line with support at $325 on the 4-hours chart of ETH/USD protected the further losses. The most important point here is the $325 support, which is positioned near the 100 simple moving average (H4). It means the $325 support is very significant.
A recovery started and the price has already moved above the 23.6% Fib retracement level of the last decline from the $395.56 high to $325.47 low. However, the price may find a lot of barriers near $360 and it won’t be easy for buyers to break it. Moreover, the 50% Fib retracement level of the last decline from the $395.56 high to $325.47 low is also near $359. Therefore, the trend line support (now at $330) holds a lot of importance for the current trend.
4-hours MACD – The MACD has moved into the bearish zone.
4-hours RSI – The RSI is now recovering from the oversold levels.
Major Support Level – $330
Major Resistance Level – $360
Charts courtesy – SimpleFX
