Key Highlights
- ETH price struggled to move higher and declined below the $458 support against the US Dollar.
- There are two bearish trend lines formed with resistance at $457 and $468 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is under bearish pressure and it could decline further below $445 in the near term.
Ethereum price is facing tough time against the US Dollar and bitcoin. ETH/USD is in a negative zone below the $464 and $468 resistance levels.
Ethereum Price Trend
There was an increase in selling pressure below $465 in ETH price against the US Dollar. The ETH/USD pair failed to hold gains and declined below the $460 support area. The decline was strong as the price traded towards the $445 level. It even settled below the $460 level and the 100 hourly simple moving average. A low was formed at $445.98 before the price recovered.
It moved above the 38.2% Fib retracement level of the last drop from the $471 high to $445 low. However, the upside move was capped by the previous support near $458-460. Moreover, the 50% Fib retracement level of the last drop from the $471 high to $445 low also prevented gains. At the moment, the price is under bearish pressure and is likely to decline towards $445. On the upside, there are two bearish trend lines formed with resistance at $457 and $468 on the hourly chart of ETH/USD. An intermediate resistance is near $464 and the 100 hourly SMA.
Looking at the chart, the price is clearly trading in a bearish zone below $468. It may perhaps continue to decline towards the last swing low of $445. Below this, there are high chances of a sharp downside move towards the $430 level in the near term.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is well below the 50 level with a bearish angle.
Major Support Level – $445
Major Resistance Level – $468