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Ethereum Price Analysis: ETH/USD Falling Intensely, 8th August.

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Ethereum Price Key Features

  • Ethereum price fell pointedly and broke the $400, $390 and $380 support levels against the US Dollar.
  • The current week’s taken after critical bearish pattern line avoided increases close $406 on the hourly outline of ETH/USD (information feed by means of Kraken).
  • The match is at present remedying higher, however it is probably going to confront merchants close to the $380 and $390 levels.

Ethereum price dropped intensely against the US Dollar and bitcoin. ETH/USD is currently well beneath $390 and is ready to expand misfortunes in the close term.

Ethereum Price Pattern

Recently, there was a minor upside move above $405 in Ethereum price against the US Dollar. Be that as it may, the ETH/USD combine neglected to clear a couple of vital obstacles close to the $405 and $408 levels. The price confronted a strong resistance close to the 100 hourly basic moving normal and $308. Besides, the 76.4% Lie retracement level of the last slide from the $414 high to $401 low kept an upside break.

In conclusion, the current week’s taken after urgent bearish pattern line averted increases close $406 on the hourly outline of ETH/USD. The match dropped pointedly and broke many support levels, for example, $400, $390 and $380. Another weekly low was shaped at $367.71 and the price is at present combining misfortunes. It adjusted a couple of focuses and tried the $380 level, which went about as a resistance. Besides, the 38.25 Lie retracement level of the ongoing decrease from the $410 high to $367 low additionally went about as a resistance. Going ahead, the price may maybe move a couple of focuses above $380, yet it is probably going to confront a solid resistance close $395-400.

ETHUSD Price Chart 8th August
ETHUSD Price Chart 8th August

Taking a gander at the outline, Ethereum price moved into a bearish zone beneath $390. On the off chance that it neglects to recoup and breaks the $370 support region, it could quicken misfortunes towards the $350 level.

Hourly MACD – The MACD is picking up pace in the bearish zone.

Hourly RSI – The RSI is put vigorously in the oversold zone with numerous bearish signs.

Real Support Level – $370

Real Resistance Level – $390

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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