Key Highlights
- ETH price extended declines and traded below the $828 support level against the US Dollar.
- There is a major bearish trend line forming with resistance at $818 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently correcting higher, but it is likely to face sellers near the $815 and $818 levels.
Ethereum price is under renewed selling pressure against the US Dollar and Bitcoin. ETH/USD is likely to remain in a bearish zone as it turned sell on rallies.
Ethereum Price Decline
There was no major upside move above $830 in ETH price against the US Dollar. On the contrary, there was an increase in selling pressure and the price moved below a major support at $828. It ignited further losses and the price even moved below the $810 level. At the moment, the price is trading well below the $828 pivot level and the 100 hourly simple moving average.
The recent low formed was $792 before the price started an upside correction. It has moved above the 23.6% Fib retracement level of the last drop from the $839 high to $792 low. However, there are many hurdles on the upside around the $820 level. There is also a major bearish trend line forming with resistance at $818 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the last drop from the $839 high to $792 low is around the $816 level. Therefore, it seems like the $816-818 levels are important barriers for buyers.
The chances of ETH failing to move above the $818 level are high. On the downside, the recent low of $792 is a short term support. Below the mentioned $792, the price may move back towards the $775 level.
Hourly MACD – The MACD is solid in the bearish zone.
Hourly RSI – The RSI is recovering, but it is well below the 50 level.
Major Support Level – $792
Major Resistance Level – $818
Charts courtesy – SimpleFX