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Key features
- The ETH price is under strong downward pressure below $ 430 and $ 410 against the US dollar.
- There are two bearish trend lines in place with resistance at $ 432 and $ 412 over the 4 hours chart of ETH / USD (data feed via Kraken).
- The pair must settle above $ 432 and 100 SMA (4 hours) to go back to a positive zone.
The price of Ethereum is traded with downward movements on the American dollar and bitcoin. ETH / USD is facing major hurdles close to $ 732 for a short-term recovery.
Ethereum Price Resistances
Last week, there were mostly downward moves below $ 440 in the ETH price against the US dollar. The ETH / USD pair declined and broke support levels $ 430 and $ 423. It moved into a bearish zone below $ 430 and settled below the simple moving average of 100 (4 hours). The decline was such that the price even broke the $ 400 level and formed a new low at $ 397.
Next, the price began to consolidate around the $ 400 level. It tested the level of retracement. of the fibers of 23.6% of the last decline, from $ 483 in high to $ 397 in low. However, ETH buyers failed to get traction above the $ 417 level and the price declined again. At the moment, the price is trading in a range above $ 400. On the upside, there are two bearish trend lines in place with resistance at $ 432 and $ 412 on the 4-hour chart of Eth / USD. The second bearish trend line coincides with the fiber retracement level of 38.2% of the last decline, from $ 483 upwards to $ 397 below. An intermediate resistance is close to the $ 423 level (the previous support).
The graph above indicates that the ETH price is rising near the $ 432 level. A break above $ 432, trend lines and 100 SMA is necessary for a decent recovery in Ethereum.
4-hour MACD – The MACD is slowly moving into the bullish zone.
4-hour RSI – The RSI is currently just below level 40.
Main support level – $ 397
Level of main resistance – $ 432
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