Ethereum Price Technical Analysis – ETH/USD’s Bearish Path

Ethereum price declined sharply against the US Dollar and Bitcoin. ETH/USD moved towards the $410-400 levels and is currently correcting higher.

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Key Highlights
ETH price declined further and followed a short-term bearish path below $445 against the US Dollar.
There are two bearish trend lines forming with resistance at $428 and $442 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair might correct towards $440-442 in the near term, but could face sellers.
Ethereum price declined sharply against the US Dollar and Bitcoin. ETH/USD moved towards the $410-400 levels and is currently correcting higher.

Ethereum Price Decline

There was no major recovery in ETH price above the $460 level against the US Dollar. The price came under renewed selling pressure and traded below the $430 and $425 support levels. It almost tested the $400 handle and traded as low as $408.80. At the moment, the price is correcting higher towards $430. It has moved above the 23.6% Fib retracement level of the last decline from the $460.54 high to $408.80.

On the upside, there are many resistances such as $440 and $460. There are also two bearish trend lines forming with resistance at $428 and $442 on the hourly chart of ETH/USD. The first trend line is near the 38.2% Fib retracement level of the last decline from the $460.54 high to $408.80. However, the most important resistance is around the $440 level and the second trend line. The 100 hourly simple moving average is also near $450 to act as a resistance.

An intermediate resistance is around the 50% Fib retracement level of the last decline from the $460.54 high to $408.80 at $435. Therefore, any major upsides are likely to be capped by the $440 level. On the downside, the recent low of $408 is a decent support. The most important support is near $400-395 where there can be strong bids.

Hourly MACD – The MACD is placed well in the bearish zone.

Hourly RSI – The RSI is moving higher towards the 40 level, but it is well below the 50 level.

Major Support Level – $408

Major Resistance Level – $440