ETH price came under heavy selling pressure and declined below $400 against the US Dollar.
There is a major bearish trend line forming with resistance at $410 on the hourly chart of ETH/USD (data feed via Kraken).
The pair may correct a few points in the near term, but upsides are likely to be capped by $400 and $410.
Ethereum price declined heavily against the US Dollar and Bitcoin. ETH/USD is now well below the $400.00 level and it remains at a risk of more losses.
Ethereum Price Trend
There was a solid increase in selling pressure, which pushed ETH price down by more than $50 against the US Dollar. The price traded below many support levels such as $410 and $400. It even traded below the $375 level and formed a new monthly low at $365. It seems like the price remains in a major downtrend and it could continue to decline towards $350.
In the short term, there could be a correction from $365. An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the $451 high to $365 low. Moreover, there is a major bearish trend line forming with resistance at $410 on the hourly chart of ETH/USD. The same trend line is positioned with the 50% Fib retracement level of the last decline from the $451 high to $365 low. Therefore, if the price corrects higher, it is likely to face hurdles near the $400 and $410 levels. Above the mentioned $410, the next crucial barrier for ETH buyers is near the $450 level.
On the downside, the recent low of $365 may be breached soon. A downside break below the $365 level could accelerate declines towards the $350 level in the near term.
Hourly MACD – The MACD is placed nicely in the bearish zone.
Hourly RSI – The RSI is currently well below the 40 level.
Major Support Level – $350
Major Resistance Level – $410