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- ETH price was not able to move above the $510 resistance and is currently under pressure against the US Dollar.
- There was a break below a crucial bullish trend line with support at $500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more losses as long as it is below $510 and the 100 hourly simple moving average.
Ethereum price is currently in a bearish zone against the US Dollar and Bitcoin. ETH/USD could decline further towards $475 level in the near term.
Ethereum Price Trend
There was an upside move above the $500 level in ETH price against the US Dollar. The price traded a few points above $500, but it failed to gain momentum. As a result there was a downside reaction and the price settled below the $500 level. There was also a close below the $495 level and the 100 hourly simple moving average, which is a bearish sign. Additionally, the price broke the 23.6% Fib retracement level of the last wave from the $447 low to $528 high.
More importantly, there was a break below a crucial bullish trend line with support at $500 on the hourly chart of ETH/USD. The pair declined and tested the $488 support area. The mentioned support is near the 50% Fib retracement level of the last wave from the $447 low to $528 high. The pair is currently trading well below $500 with a bearish angle. Should there be a downside break below the $488 level, there could be more declines towards the $475 level.
Looking at the chart, the price may perhaps correct a few points towards $500. However, there is a bearish trend line in place to prevent upsides near $500 in the near term.
Hourly MACD – The MACD is slowly moving back in the bullish zone.
Hourly RSI – The RSI is currently well below the 50 level.
Major Support Level – $475
Major Resistance Level – $500