Ethereum price is under heavy selling pressure against the US Dollar and Bitcoin. ETH/USD could continue to move down towards the $430 support zone.
Ethereum Price ResistanceYesterday, there was a minor upside move above $455 in ETH price against the US Dollar. The ETH/USD pair traded above the $465 level, but it faced a strong resistance near the $468-469 zone. Sellers defended more gains and pushed the price below $460. There was a break below the 50% Fib retracement level of the last wave from the $430 low to $473 high.
During the decline, there was a break below a major bullish trend line with support at $460 on the hourly chart of ETH/USD. The pair is now trading well below the $460 support and the 100 hourly simple moving average. It is currently testing the 76.4% Fib retracement level of the last wave from the $430 low to $473 high at $447. If the price trades further lower, it could break the $440 level. Below this, the next stop could be the last swing low at $430. On the upside, there is a connecting bearish trend line formed with resistance at $457 on the same chart.
Looking at the chart, the price has to move above the trend line, $457 and $460 to retest the $468-469 resistance area. Finally, a push above the mentioned resistance is needed for a decent recovery above $485.
Hourly MACD – The MACD is slowly reducing its bearish slope.
Hourly RSI – The RSI is currently well below the 40 level with an upward angle.
Major Support Level – $430
Major Resistance Level – $468
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