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Ethereum Price Analysis: ETH/USD Broke Key Support

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Ethereum Price Analysis: ETH/USD Broke Key Support

Key HighlightsETH price failed to move above the $545 barrier and declined against the US Dollar.This week’s highlighted key bullish trend line was broken with support at $518 on the hourly chart of ETH/USD (data feed via Kraken).The pair is now well below $530 and the 100 hourly simple moving average, which is a bearish sign.Ethereum price came under renewed selling pressure against the US Dollar and Bitcoin. ETH/USD is now trading below $530 with bearish signs.Ethereum Price ResistanceRecently, we saw a rejection around the $545-548 resistance in ETH price against the US Dollar. The price made another attempt to surpass the $545 resistance, but buyers failed to gain traction. As a result, there was a bearish reaction and the price moved down below the $540 and $530 levels. There was a sharp decline and the price broke the 50% Fib retracement level of the last wave from the $489 low to $548 high.During the decline, this week’s highlighted key bullish trend line was broken with support at $518 on the hourly chart of ETH/USD. The pair settled below the $530 level and the 100 hourly simple moving average. At the moment, the price is consolidating around the 61.8% Fib retracement level of the last wave from the $489 low to $548 high. If the price continues to move down, it could break the $508-510 area and declined towards $500. It must stay above the $500 support zone, else there is a risk of more declines in the near term.Looking at the chart, the recent decline is a sign of rejection from the $545 level. Therefore, there are chances of more losses towards the $500 level. On the upside, resistances are seen near the $524 and $530 levels, followed by the all-important $545.Hourly MACD – The MACD is now back in the bearish zone.Hourly RSI – The RSI has reached the oversold zoneMajor Support Level – $500Major Resistance Level – $530

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Author: Aayush Jindal

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