Ethereum Price Technical Analysis – ETH/USD Slowly Grinds Lower

Key Highlights

• ETH price extended the recent correction against the US Dollar and moved below the $10.40 level.
• Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is active on the upside and acting as a resistance near $10.45.
• It looks like the pair is slowly moving down, and may continue its decline towards $10.20.

Ethereum price remained a slow and steady downtrend against the US Dollar. More losses are likely in ETH/USD, as long as price is below $10.50.

Ethereum Price Decline and Resistance

We recently saw a minor top in ETH price against the US Dollar at $10.84, as the price started correcting lower. There was a move below the $10.55 support area and the 100 hourly simple moving average, which started a downside move. The downside move was extended once there was a break below the 23.6% Fib retracement level of the last leg higher from the $9.57 low to $10.84 high.

The price later moved below the $10.40 support area as well, which is now a sign of more losses ahead. Yesterday, I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. The same trend line continued to act as a resistance with current hurdle near $10.45. The price is now attempting a close below the 38.2% Fib retracement level of the last leg higher from the $9.57 low to $10.84 high. If it happens, it could open the doors for a test of $10.20.

The stated level also represents the 50% Fib level of the same wave mentioned. Overall, the price remains at a risk of more losses may be towards $10.20.

Hourly MACD – The MACD remains in the bearish zone, suggesting more declines.

Hourly RSI – The RSI is also below the 50 level with mostly flat structure.

Major Support Level – $10.20

Major Resistance Level – $10.50

 

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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