Ethereum Price Technical Analysis – ETH/USD Downside Initiated

Key Highlights

  • ETH price started a downside move and traded below the $46 level against the US Dollar.
  • There is a bearish trend line with resistance at $49.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
  • The price might correct higher, but likely to face resistance near $46 and $48 levels.

Ethereum price traded down and fell towards $44 against the US Dollar, and now ETH/USD might continue to struggle in the near term.

Ethereum Price Downside Reaction

There was a severe downside reaction in ETH price, as it moved down below $46 against the US Dollar. The price failed to hold the $50 and $47 support levels, which ignited a downside move. It fell lower and traded near the $43.30 level. A new weekly and monthly low was formed at $43.35 from where a recovery was initiated. The price moved above the 23.6% Fib retracement level of the last decline from the $51.39 high to $43.35 low.

However, it is struggling and may face resistance near $47 and $48. An initial hurdle is near the 38.2% Fib retracement level of the last decline from the $51.39 high to $43.35 low at $46.42. However, the most important one is near $49. Since, there is a bearish trend line with resistance at $49.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX). An intermediate resistance is at $47.37, representing the 50% Fib retracement level of the last decline from the $51.39 high to $43.35 low.

Ethereum Price Technical Analysis  ETH

So, if the price moves higher towards $46.40 or $48, it might face offers. On the downside, the $44 level is a major support area. A break and close below it could spark a downside towards $40.

Hourly MACD – The MACD is super bearish and signaling more declines.

Hourly RSI – The RSI is now well below the 50 level, and currently struggling.

Major Support Level – $44.00

Major Resistance Level – $47.00

 

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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