Ethereum Price Technical Analysis – ETH/USD Sell on Rallies

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.

Ethereum Price Technical Analysis ETH USD

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

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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