Analysis

Ethereum Price Weekly Analysis: ETH/USD Back in Downtrend

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.

Ethereum Price Weekly Analysis ETH USD

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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