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Key Points
- The ETH price declined heavily and almost proved the $ 300 support area against the US dollar.
- C & # 39; is a bearish trend line that was formed with resistance to $ 330 on the 4-hour chart of Eth / USD (data feed via Kraken).
- The pair must overcome the resistances of $ 330 and $ 340 to recover further in the short term.
The price of Ethereum collapsed and fell heavily against the US dollar and Bitcoin. The ETH / USD remains in a bearish zone at less than $ 400.
Decline in the price of the ether
Last week there were heavy losses noted in the price of the ETH. after breaking the $ 400 level against the US dollar. The ETH / USD pair has declined sharply and broke many supports such as $ 380, $ 350 and $ 320. The price is now well below the $ 340 level and the simple moving average at 100 (4 hours). On the upside, an initial resistance is around $ 330 and the $ 335 zone.
In addition, the fiber retracement level of 23.6% of the last drop from $ 410 up to $ 304 is also a crucial barrier. Above this, there is a straining bearish trend line formed with resistance at $ 330 on the 4-hour chart of Eth / USD. A boost above the resistance of the trend line could push the price above the $ 344 level. The next resistance is the fiber retracement level of 50% of the last drop from the $ 410 top to $ 304 down to $ 357. Therefore, there appear to be many upward barriers near the $ 340 and $ 360 area.
The chart above indicates that the ETH price is under a lot of pressure under $ 340. However, a close above the trend line and $ 357 could clarify the path for further gains. The downside, a break below the $ 304 minimum could take the price below $ 300 and $ 280 in the short term.
4-hour MACD – The MACD is mostly placed in a bearish zone.
4-hour RSI – The RSI is currently well below the 30 level.
Main support level – $ 300
Main resistance level – $ 340
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