Ethereum Price Technical Analysis ETH/USD Turned Bearish

Ethereum Price Technical Analysis  ETH/USD Turned Bearish

Key Highlights


ETH price declined sharply and broke the $460 and $450 support levels against the US Dollar.
There is a major bearish trend line forming with resistance at $455 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may correct higher in the short term, but upsides are likely to be capped by $455 and $475.

Ethereum price has moved into a bearish zone against the US Dollar and Bitcoin. ETH/USD may continue to decline as long as it is below $490.

Ethereum Price Bearish Trend

It is turning out to be a major disappointing week since ETH price is now trading well below $500 against the US Dollar. The price was not able to correct higher and remained in a bearish trend below $500. It broke many supports such as $475, $460 and $450. It is now trading well below the $500 level and the 100 hourly simple moving average.

The recent low was at $438.76 from where there could be a minor upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $535 high to $438 low. Moreover, there is also a major bearish trend line forming with resistance at $455 on the hourly chart of ETH/USD. If there is a break above the $460 resistance zone, the price may head towards the $485-490 area. The 50% Fib retracement level of the last decline from the $535 high to $438 low is also positioned near $485 to act as a barrier for buyers.


On the downside, the price may soon break the recent low of $438. The next support could be around the $425 level. However, if ETH sellers remain in action for a long time, the price may even test the $400 level in the near term.

Hourly MACD The MACD is placed nicely in the bearish zone.

Hourly RSI The RSI is currently rising from the 35 level.

Major Support Level $425

Major Resistance Level $485

Charts courtesy Trading View

27.03.2018 / 22:05 129
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