Ethereum Price Technical Analysis – ETH/USD Could Decline Further
ETH price formed a short-term top near $857 and moved down against the US Dollar.
There is a key connecting bearish trend line forming with resistance at $855 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair is currently trading around the $828-830 support area and it at risk of more declines.
Ethereum price started a new downside wave against the US Dollar and Bitcoin. ETH/USD may break the $828-830 support and decline further in the near term.
Ethereum Price Resistance
Yesterday, there was a decent upside move above $850 in ETH price against the US Dollar. However, the price failed to gain momentum and formed a short-top top around at $857. Later, a new downside wave was initiated and the price moved below the $850 support level. Moreover, there was a break below the $845 level and a close below the 100 hourly simple moving average.
The last decline was constructive and a new intraday low was formed at $828.46. At the moment, the price is correcting higher from $828. It has tested the 23.6% Fib retracement level of the last decline from the $857 high to $828 low. However, it seems like the price may not gain major traction towards the $850 level. A major resistance is around the 50% Fib retracement level of the last decline from the $857 high to $828 low at $843. Moreover, there is a key connecting bearish trend line forming with resistance at $855 on the hourly chart of ETH/USD.
Therefore, it seems like the pair may face sellers on the upside near the $840 and $850 levels if there is a correction. On the downside, the $826-828 levels are decent supports. A break below $826 could push the price towards the $800 level.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI – The RSI is now well below the 50 level.
Major Support Level – $826
Major Resistance Level – $850
Charts courtesy – SimpleFX