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Key Highlights
- The ETH price fell sharply and broke the $ 400, $ 390 and $ 380 support against the US dollar.
- This week followed the fundamental bearish trend line by preventing gains close to $ 406 on the ETH / USD time table (data feed via Kraken).
- The pair is currently correcting higher, but it is likely to make sellers near the $ 380 and $ 390 levels.
The price of Ethereum has fallen heavily against the US dollar and bitcoin. ETH / USD is now well below $ 390 and is ready to extend losses in the short term.
Price Trend of Ethereum
Yesterday, there was a slight rise above the $ 405 in the ETH price compared to the US dollar. However, the ETH / USD pair failed to overcome some major hurdles near the levels of $ 405 and $ 408. The price has faced solid resistance near the simple moving average of 100 hours and $ 308. Furthermore, the level of retracement 76.4% of Fibre's last slide from the low of $ 414 to the minimum of $ 401 prevented a break on the upside.
Finally, this important bearish trend line followed this week prevented gains close to $ 406 on the hourly chart of Eth / USD. The pair dropped sharply and broke many support levels such as $ 400, $ 390 and $ 380. A new weekly low was formed at $ 367.71 and the price is currently consolidating losses. He corrected some points and tested the $ 380 level, which acted as resistance. In addition, the 38.25 Fib retracement level of the recent decline from $ 410 high to $ 367 low also acted as resistance. Going forward, the price may fluctuate by some points above $ 380, but it is likely to make a strong resistance near $ 395-400.
Looking at the chart, the ETH price has moved into a bearish area below $ 390. If it fails to recover and breaks the area support $ 370, could accelerate losses to the $ 350 level.
MACD schedule – The MACD is gaining ground in the bearish zone.
RSI – The RSI is heavily placed in the oversold area with many bearish signals.
Major Support Level – $ 370
Major Resistance Level – $ 390
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