Home Ethereum Ethereum Price Technical Analysis – ETH/USD Breaks Key Support

Ethereum Price Technical Analysis – ETH/USD Breaks Key Support

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Key Highlights

  • ETH price moved down and broke a key support area at $760 against the US Dollar.
  • Yesterday’s highlighted contracting triangle with support near $758 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is now below the $720 level and is approaching the next major support at $700.

Ethereum price is extending correction against the US Dollar and Bitcoin. ETH/USD is approaching $700 and it might decline further.

Ethereum Price Decline

It seems like a major top has formed around the $860 level in ETH price against the US Dollar. The price was seen consolidating above the $800 and $760 support levels for some time. However, the price failed to hold gains and started a downside wave. During the downside, it broke the $800 and $760 support levels. There was also a break below the 50% Fib retracement level of the last wave from the $675.11 low to $864.53 high.

More importantly, yesterday’s highlighted contracting triangle with support near $758 was broken on the hourly chart of ETH/USD. The pair is now well below the $750 level and the 100 hourly simple moving average. These are negative signs and pointing toward more losses below $700 in the short term. At the moment, the pair is below the 76.4% Fib retracement level of the last wave from the $675.11 low to $864.53 high. Therefore, there are chances of more losses below $720 and $700.

Ethereum Price Technical Analysis ETH USD

On the upside, the broken support near $750 and $760 may act as a strong resistance. Moreover, the 100 hourly SMA is around $780 to prevent further upsides in the near term. On the downside, supports are present at $680 and $675.

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI – The RSI is currently around the oversold levels, but with no sign of an upside move.

Major Support Level – $675

Major Resistance Level – $760

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.





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