Ethereum Rate Weekly Analysis: ETH/USD Back in Downtrend

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Key Highlights

  • ETH price is under pressure and it could decline further below $448 in the near term against the US Dollar.
  • There is a significant bearish trend line formed with resistance near $510 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to extend its decline as long as the price is below the $510 level.

Ethereum price is declining versus the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses below the $460 and $450 levels.

Ethereum Price Resistance

This past week, there was a sharp downside move initiated in ETH price from the $545 resistance against the US Dollar. The price tumbled and broke many key supports such as $520, $500 and $475. There was also a complete test of the last swing low near $448 and the price settled below the 100 simple moving average (4-hours). A low was formed at $449.08 before the price started consolidating losses.

It traded a few points above the 23.6% fib retracement level of the last decline from the $548 high to $449 low. However, the upside move was capped by the $484 level, which was a support zone previously. On the upside, above $484, the next hurdle is near $495. It coincides with the 50% fib retracement level of the last decline from the $548 high to $449 low. More importantly, there is a significant bearish trend line formed with resistance near $510 on the 4-hours chart of ETH/USD. Therefore, if the price moves higher, it is likely to face sellers near the $484 and $495 levels.

The above chart indicates that the price is in a downtrend below $500. It may perhaps continue to move down and it could even break the $449 low. The next support below $449 is around the $410 level.

4-hours MACD – The MACD is slowly reducing the bearish slope.

4-hours RSI – The RSI is currently well below the 40 level.

Major Support Level – $449

Major Resistance Level – $495

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