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 made a downside move and declined below the $500 level before a slight recovery against the US Dollar.
- There is a monster bearish trend line forming with resistance at $535 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more losses if it fails to move above the trend line and $535.
Ethereum price is showing a lot of bearish signs against the US Dollar and Bitcoin. ETH/USD must recover soon else it could extend declines in the near term.
Ethereum Price Resistance
There was a sharp downside move this past week as ETH price tumbled below the $600 support against the US Dollar. The price even declined below the $500 handle and traded towards the $450 level. It traded as low as $436 before it started an upside move. It recovered and traded above the 23.6% Fib retracement level of the last decline from the $749 high to $436 low.
However, the upside move was protected by the $600 resistance. Moreover, the 50% Fib retracement level of the last decline from the $749 high to $436 low acted as a strong resistance. Lastly, a monster bearish trend line with resistance at $535 on the 4-hours chart of ETH/USD also prevented an upside move. The pair is currently following the same trend line and current resistance at $535. Buyers must gain traction and move the price above the $535 resistance else there is a risk of more losses.
On the downside, the $510 support may act as a short term support. A break below the $510 support could open the doors for more losses. On the flip side, above the mentioned $535, the price may recover above the $580 level in the near term.
4-hours MACD – The MACD is slowly moving back in the bearish zone.
4-hours RSI – The RSI is currently well below the 50 level.
Major Support Level – $510
Major Resistance Level – $535
Charts courtesy – Trading View