Here are the Levels where Ethereum can and should be seen today
According to popular analyst Aayush Jindal, ETH price is currently approaching a major support zone near the $ 400 level.
- Ethereum dropped over 5% and broke the $ 425 and $ 420 support levels.
- The price even fell below the $ 420 level and the 100 hourly simple moving average.
- There is a new bearish trend line showing resistance near $ 420 on the hourly chart of the ETH / USD pair (data feed via Kraken).
- The pair is likely to find strong buying interest near the $ 400 and $ 398 support levels.
Ethereum price crashed! Here’s what’s on the market …
Following an unsuccessful attempt to gain strength above $ 445, Ethereum started a downside correction against the US Dollar. ETH dropped above 5% and broke the $ 425 and $ 420 support levels. The recent decline even caused the price to drop below the $ 420 level and the 100 hourly simple moving average. ETH traded lows as low as $ 405 and is currently trying to gain momentum. Initial resistance is near the $ 415 level.
The 23.6% Fib retracement level of the last drop from the $ 447 high to $ 405 is also near the $ 415 level to act as a hurdle. Also, there is a new bearish trend line with resistance near $ 420 on the hourly chart of the ETH / USD pair. The main resistance is now forming near the $ 425 level and the 100 hourly simple moving average. The 50% Fib retracement level of the last drop is near the $ 425 level.
Here are the levels that can and should be watched on Ethereum in the short term.
A successful breakout above the $ 415, $ 420 and $ 425 resistance levels is needed to start a fresh hike. In this case, the bulls are likely to push the price towards the $ 445 and $ 450 resistance levels. If Ethereum cannot move above $ 420 or $ 425, it may continue to move downwards.
The first support is near the last low of $ 405, according to the analyst. The main support is near the $ 400 level (the last key breakout zone) or $ 398, according to the analyst. If there are more losses below $ 395, the price could start a major downside correction towards $ 380 or even $ 365.
Current outlook of Ethereum price with technical indicators
Hourly MACD: The MACD for ETH / USD is gaining momentum in the bearish zone.
Hourly RSI: The RSI for ETH / USD is currently well below the 40 level.
Major Support Level: $ 400.
Major Resistance Level: $ 425 USD.