Key Highlights
- ETH price after recovering a few points against the US Dollar, failed and moved down towards $7.25.
- Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to ignite a new intraday low.
- The pair is once again heading lower, and looks set to challenge the recent low.
Ethereum price remained under a bearish pressure against the US Dollar and Bitcoin. Is the main reason for ETH/USD decline rising BTC?
Ethereum Price Decline
Every time there is a minor correction in ETH price versus the US Dollar sellers appear and take the price down. One of the main reasons of a decline in ETH/USD is the rising Bitcoin price. The BTC/USD pair recently surged above $860 and looking set for more gains. This kept pressure on the ETH/BTC pair and in turn ETH price. The ETH/USD pair fell further recently, and even broke yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX).
A new Intraday low of $7.26 was formed before the price started recovering once again. There was a move above the 38.2% Fib retracement level of the last decline from the $7.82 high to $7.26 low. However, the upside move was stopped by a bearish trend line on the hourly chart. Moreover, the 61.8% Fib retracement level of the last decline from the $7.82 high to $7.26 low also acted as a resistance.
The ETH/USD pair is once again heading lower, and remains below the 100 hourly simple moving average. There is a high chance of the price retesting the recent low of $7.26, where buyers may appear.
Hourly MACD – The MACD is back in the bearish slope, and suggesting more losses in the near term.
Hourly RSI – The RSI recently moved below the 50 level, and heading north.
Major Support Level – $7.40
Major Resistance Level – $7.60
Charts courtesy – SimpleFX