- ETH price came under heavy selling pressure and declined below $ 400 against the US Dollar.
- There is a major bearish trend line forming with resistance at $ 410 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may correct a few points in the near term, but upsides are likely to be capped by $ 400 and $ 410.
Ethereum price declined heavily against the US Dollar and Bitcoin. ETH/USD is now well below the $ 400.00 level and it remains at a risk of more losses.
Ethereum Price Trend
There was a solid increase in selling pressure, which pushed ETH price down by more than $ 50 against the US Dollar. The price traded below many support levels such as $ 410 and $ 400. It even traded below the $ 375 level and formed a new monthly low at $ 365. It seems like the price remains in a major downtrend and it could continue to decline towards $ 350.
In the short term, there could be a correction from $ 365. An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the $ 451 high to $ 365 low. Moreover, there is a major bearish trend line forming with resistance at $ 410 on the hourly chart of ETH/USD. The same trend line is positioned with the 50% Fib retracement level of the last decline from the $ 451 high to $ 365 low. Therefore, if the price corrects higher, it is likely to face hurdles near the $ 400 and $ 410 levels. Above the mentioned $ 410, the next crucial barrier for ETH buyers is near the $ 450 level.
On the downside, the recent low of $ 365 may be breached soon. A downside break below the $ 365 level could accelerate declines towards the $ 350 level in the near term.
Hourly MACD – The MACD is placed nicely in the bearish zone.
Hourly RSI – The RSI is currently well below the 40 level.
Major Support Level – $ 350
Major Resistance Level – $ 410
Charts courtesy – Trading View