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Key Points
- The ETH price declined sharply and pushed below the $ 400 support area against the US dollar.
- C & # 39; is an important declining channel with resistance to $ 410 on the hourly chart of the Eth / USD (data feed via Kraken).
- The pair is placed in a downward trend below $ 410 and $ 420 and may fall further in the short term.
The price of Ethereum is sliding aggressively against the US dollar and bitcoin. The ETH / USD is under pressure and may fall further below $ 395.
Ethereum Price Slide
There was a small correction above the $ 420 level in the ETH price compared to the US dollar. However, the ETH / USD pair failed to exceed the levels of $ 422 and $ 424 and refused again. He lowered and broke yesterday's low near the $ 410 level. The sellers took control and pushed the price below the $ 400 level. A new low amounted to $ 398.31 and the price is consolidating at the time
On the upside, initial resistance is close to 23.6% of Fib retracement of the last downside from $ 424 high to $ 398 low. Above the $ 404 level, the next hurdle is close to the $ 408 level. In addition, there is an important declining channel in place with resistance to $ 410 on the hourly chart of Eth / USD. Channel resistance approaches the 50% Fiber retracement level of the last downward movement from $ 424 upwards to $ 398 below. Therefore, there are clearly many upside obstacles near the $ 408-410 zone. Above this, the price will probably be higher than $ 415 and $ 420.
Looking at the chart, the price is under a downward pressure lower than $ 410. If he can not stay above $ 398-400, he may slip further. The next supports are $ 395 and $ 384, followed by the $ 375.
MACD timetable – The MACD is gaining traction in the bearish zone.
RSI timetable – The RSI is currently well below level 40 and reports more losses.
Major Support Level – $ 398
Major Resistance Level – $ 410
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