Key Highlights
- ETH price failed to gain traction and declined back towards the last swing low near $360 against the US Dollar.
- There was a break below a major ascending channel with support at $395 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is trading near the $362 and $360 support levels, and it remains at a risk of more declines.
Ethereum price is struggling to hold important supports against the US Dollar and Bitcoin. ETH/USD could even break the $360 level for more losses in the near term.
Ethereum Price Support
Yesterday, there was a tiny upside move above $400 in ETH price against the US Dollar. However, the price failed to gain traction and started a downside move from well above $405. It declined and broke the 61.8% Fib retracement level of the last upside wave from the $360 low to $417 high. It opened the doors for more losses and the price moved below the $400 level and the 100 hourly simple moving average.
During the downside, there was a break below a major ascending channel with support at $395 on the hourly chart of ETH/USD. These are negative signs below the $395 resistance. At the moment, the price is trading near the last swing low of $360. It may correct higher towards the 23.6% Fib retracement level of the last downside wave from the $418 high to $364 low. If the price fails to correct higher, it could even break the $364 low. However, a break below the $360 level could open the doors for more losses.
On the flip side, a break above the $395 and $400 levels is needed for a decent recovery. Above $395-400, the price could retest the last high near $418.
Hourly MACD – The MACD is attempting to move back in the bullish zone.
Hourly RSI – The RSI is now well below the 50 level.
Major Support Level – $360
Major Resistance Level – $395
Charts courtesy – Trading View