The value of the Ethereum is under a lot of pressure, a recent setback of 13.69% drag the value below $ 370.
- The ETH price fell under heavy selling pressure and fell below $ 400 against the US dollar.
- There is an important bearish trend line that is formed with resistance at $ 410 on the ETH / USD time chart
- The pair can correct some points in the short term, but the increases are likely to be capped at $ 400 and $ 410.
The Ethereum price fell sharply against the US dollar and Bitcoin. ETH / USD is now well below the $ 400.00 level and is still at risk of further losses.
Ethereum price trend
There was a solid increase in selling pressure, which caused the ETH price to fall more than $ 50 against the US dollar. The price is negotiated below many support levels, such as $ 410 and $ 400. It was even negotiated below the $ 375 level and formed a new monthly minimum of $ 365. It seems that the price remains a great bearish trend and could continue to decline towards $ 350.
In the short term, there could be a correction of $ 365. An initial bullish resistance is close to the Fibonacci retracement level of 23.6% of the last decline from the minimum of $ 451 to $ 365 minimum. In addition, a bearish trend line with resistance is forming at $ 410 on the ETH / USD hourly chart. The same trend line is positioned with the 50% retracement level of the last decline, from the minimum of $ 451 to the minimum of $ 365. Therefore, if the price is corrected more, it is likely to face obstacles close to the $ 400 and $ 410 levels. Above the $ 410 mentioned, the next crucial barrier for ETH buyers is close to the $ 450 level.
On the downside, the recent low of $ 365 can be breached soon. A fall below the $ 365 level could accelerate the decreases to the $ 350 level in the short term.
- MACD per hour: the MACD is very well placed in the bearish zone.
- RSI per hour: the RSI is currently well below level 40.
- Main support level: $ 350
- Higher resistance level: $ 410