Key Highlights
- ETH price traded lower sharply below the 0 and support levels against the US Dollar.
- There are two key bearish trend lines formed with resistance at and 2 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline and it may even break the and levels.
Ethereum price declined heavily against the US Dollar and bitcoin. ETH/USD is currently well below and it could slide further towards or .
Ethereum Price Analysis
Yesterday, we saw a massive break below 0 in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and settled below the 0 level. The last swing low was formed at before the price corrected higher. It moved above 0 and the 23.6% Fib retracement level of the last slide from the 2 high to low. However, the upside move was capped near the 3 level.
The price failed near the 50% Fib retracement level of the last slide from the 2 high to low. As a result, there was a fresh decline and the price traded below the low. Sellers gained pace and pushed the price below the and levels. More importantly, the price is now well below the 0 level and the 100 hourly simple moving average. To the upside, there are two key bearish trend lines formed with resistance at and 2 on the hourly chart of ETH/USD. Therefore, an upside correction is likely to face a lot of selling interest near the , and levels.
Looking at the chart, ETH price is about to test the level. It seems like the price may continue to move down and it could even test or .
Hourly MACD – The MACD is placed heavily in the bearish zone.
Hourly RSI – The RSI is currently positioned in the oversold area near 15.
Major Support Level –
Major Resistance Level –
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