Ethereum Price Technical Analysis – ETH/USD Decline Continues

Key Highlights

• ETH price after a correction towards $46.80 against the US Dollar found sellers and moved down.
• There is one more bearish trend line with resistance at $44.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price might continue to struggle and likely to face sellers near $44.80 and $45.00.

Ethereum price correction failed against the US Dollar just below $47, and now ETH/USD is once again under a bearish pressure.

Ethereum Price Resistance

There was a minor correction initiated from the $43.30 low in ETH price against the US Dollar. The price was able to move above $45. It traded beyond the 23.6% Fib retracement level of the last decline from the $51.45 high to $43.34 low. However, the upside correction could not last long, as the price found sellers near $46.80 and $47.00. The same area was also near the 38.2% Fib retracement level of the last decline from the $51.45 high to $43.34 low.

The price found resistance and moved down below $45. The downside was such that the price broke the last swing low of $43.34 and moved down towards $42.00. A new weekly low was formed at $41.82 from where another correction is initiated. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $51.40 high to $41.82 low.

The most important hurdle is near one more bearish trend line with resistance at $44.80 formed on the hourly chart of ETH/USD. Not to forget, there is yesterday’s trend line at $49, which is still intact and a major barrier. Overall, there are many resistances near $44.20, $44.80 and $46 on the upside. On the downside, the next support is at $40.00.

Hourly MACD – The MACD remains well positioned in the bearish zone.

Hourly RSI – The RSI is placed well below the 50 level, and signaling more declines.

Major Support Level – $42.00

Major Resistance Level – $45.00

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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