Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price is under pressure as it moved below the $560 support level against the US Dollar.
- There was a break below a major bullish trend line with support at $560 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to decline and it could even attempt a break below the $500 level in the near term.
Ethereum price is slowly declining once again against the US Dollar and Bitcoin. ETH/USD remains at a risk of more declines below the $500 level.
Ethereum Price Resistance
There were no further gains above the $585-590 levels in ETH price against the US Dollar. The price started a downside move and traded below the $575 and $560 support levels. There was also a break below the 23.6% Fib retracement level of the last wave from the $455 low to $589 high. During the decline, the price also broke the $540 level and it is currently well below the 100 hourly simple moving average.
More importantly, there was a break below a major bullish trend line with support at $560 on the hourly chart of ETH/USD. At the moment, the pair is trading a few points below the 50% Fib retracement level of the last wave from the $455 low to $589 high. It may continue to decline in the short term and there is a risk of a break below of the $500 support. Below $500, the price may trade lower towards the 76.4% Fib retracement level of the last wave from the $455 low to $589 high at $487.
On the upside, there is a connecting bearish trend line with current resistance at $554.00. Moreover, the 100 hourly SMA is positioned at $552 to act as a major hurdle for buyers.
Hourly MACD – The MACD is now in the bearish zone.
Hourly RSI – The RSI is currently well below the 60 level.
Major Support Level – $500
Major Resistance Level – $550
Charts courtesy – Trading View