Key Highlights
- ETH price started a new downside wave and moved below the ,000 support against the US Dollar.
- There was a break below a connecting bullish trend line with support at ,120 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is now trading well below the ,000 level and it has moved into the bearish zone.
Ethereum price made a U-turn against the US Dollar and traded higher against Bitcoin. ETH/USD is likely to trade further lower with resistance at ,025.
Ethereum Price Resistance
There was a sudden increase in selling pressure on ETH price, which took it below the ,000 support against the US Dollar. The downside move was initiated from the ,150 swing high and the price moved below the ,100 and ,025 support levels. During the downside, there was a break below a connecting bullish trend line with support at ,120 on the hourly chart of ETH/USD. It traded as low as 2 recently and it looks set for more declines in the near term.
An initial resistance is around the 23.6% Fib retracement level of the last decline from the ,150 high to 2 low. However, the most important resistance is around the ,025 level. The mentioned ,025 level was a support earlier and it may now act as a resistance. Moreover, the 38.2% Fib retracement level of the last decline from the ,150 high to 2 low is also around ,025. Above the ,025 level, the next hurdle is at ,046. It is the 50% Fib retracement level of the last decline from the ,150 high to 2 low.
On the downside, the recent low of 2 is a short term support. A break below 2 could ignite further declines toward 0 in the near term.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI – The RSI is currently around the 35 level and is showing bearish signs.
Major Support Level – 0
Major Resistance Level – ,025
Charts courtesy – SimpleFX
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