Ethereum Price Technical Analysis – ETH/USD Decline Looks Real
- ETH price faced a lot of selling pressure recently and declined below $810 against the US Dollar.
- Yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair may correct a few points in the short term, but it remains in a downtrend below $840.
Ethereum price extended losses against the US Dollar and Bitcoin. ETH/USD declined as low as $776 and it is currently correcting higher toward barriers.
Ethereum Price Resistance
There was no major upside move in ETH price above the $860 level against the US Dollar. The price struggled to correct higher and it started a downside move below the $840 level. It declined and broke a couple of support levels such as $810 and $800. It traded as low as $776 from where a minor upside correction was initiated. However, the price may face many barriers on the upside on the way to $810.
It has moved above the 23.6% Fib retracement level of the last decline from the $858 high to $776 low. However, there is a major resistance near $810-820. More importantly, yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD. The trend line resistance is close to the 50% Fib retracement level of the last decline from the $858 high to $776 low. Therefore, if the price corrects further from the current levels, it could face sellers near the $820 and $825 levels. Above $825, the next major barrier for buyers is at $840.
On the downside, the recent low at $776 is a key intraday support. If the price fails to stay above $776, then it could accelerate declines towards the $750 level.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is correcting higher, but with no major bullish sign.
Major Support Level – $776
Major Resistance Level – $825
Charts courtesy – SimpleFX
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