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Ethereum Price Analysis: ETH/USD downtrend continues.

Ethereum price is feeling the squeeze against the US Dollar and bitcoin. ETH/USD broke key support at $285, opening the entryways for more misfortunes.
Ethereum price is feeling the squeeze against the US Dollar and bitcoin. ETH/USD broke key support at $285, opening the entryways for more misfortunes.

Ethereum Price Key Features

  • Ethereum price is holding the $400-402 support territory and is at present merging against the US Dollar.
  • There is a pivotal bearish pattern line set up with resistance at $412 on the hourly chart of ETH/USD (information feed by means of Kraken).
  • The combine is confronting numerous resistances on the upside close $412, $416 and $428 for more recuperation.

Ethereum price stays in a downtrend against the US Dollar and bitcoin. ETH/USD should clear the $412 and $728 resistances to pick up footing in the close term.

Ethereum Price Upside Obstacles

There were overwhelming misfortunes underneath $440 this previous week in ETH price against the US Dollar. The ETH/USD combine exchanged underneath $400, yet it later recouped and began solidifying in a range. It appears as though the price is framing a better than average support close to the $400-402 zone. It as of late exchanged over the half Lie retracement level of the ongoing slide from the $420 high to $399 low.

In any case, the price is right now confronting a noteworthy resistance close $412 and the 100 hourly straightforward moving normals. There is likewise a pivotal bearish pattern line set up with resistance at $412 on the hourly chart of ETH/USD. In addition, the 61.8% Lie retracement level of the ongoing slide from the $420 high to $399 low is likewise close $412. Along these lines, a break and close above $412 is required for more pick up in the close term. Over this, the following essential obstacle for a bigger recuperation is around the $428 level. It speaks to a huge rotate level and a hindrance for a push towards the $440 level.

ETHUSD Price Chart 6 August
ETHUSD Price Chart 6 August

Taking a gander at the chart, Ethereum price is at present endeavouring a recuperation above $410, however it confronting numerous obstacles close to the $412, $416 and $428 levels. On the drawback, the $402 and $400 levels are vital supports.

Hourly MACD – The MACD is gradually moving in the bullish zone.

Hourly RSI – The RSI is right now situated pleasantly over the 50 level with positive signs.

Real Support Level – $402

Real Resistance Level – $428

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Written by Coinnounce Team

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