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Ethereum Price Analysis: ETH/USD Sliding Downwards, 3 August.

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Ethereum Price Key Features

  • Ethereum price declined strongly and spiked beneath the $400 support region against the US Dollar.
  • There is a noteworthy declining divert set up with resistance at $410 on the hourly chart of ETH/USD (information feed through Kraken).
  • The match is set in a downtrend underneath $410 and $420 and it could decrease encourage in the close term.

Ethereum price is sliding forcefully against the US Dollar and bitcoin. ETH/USD is experiencing strain and it could decay advance underneath $395.

Ethereum Price Slide

There was a modest adjustment over the $420 level in Ethereum price against the US Dollar. In any case, the ETH/USD combine neglected to move over the $422 and $424 levels and declined by and by. It moved down and broke yesterday’s low close to the $410 level. Merchants picked up control and drove the price beneath the $400 level. A new low was framed at $398.31 and ethereum price is at present uniting.

On the upside, an underlying resistance is close to the 23.6% Lie retracement level of the last drawback move from the $424 high to $398 low. Over the $404 level, the following obstacle is close to the $408 level. In addition, there is a noteworthy declining direct set up with resistance at $410 on the hourly chart of ETH/USD. The channel resistance is close to the half Lie retracement level of the last drawback move from the $424 high to $398 low. Subsequently, there are unmistakably numerous obstacles on the upside close to the $408-410 zone. Over this, the price is probably going to adjust over the $415 and $420 levels.

ETHUSD Price Chart 3 August
ETHUSD Price Chart 3 August

Taking a gander at the chart, Ethereum price is under a ton of bearish weight beneath $410. On the off chance that it neglects to remain above $398-400, it could slide further. The following supports are at $395 and $384, trailed by the immensely essential $375.

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

Hourly RSI – The RSI is as of now well beneath the 40 level and is flagging more misfortunes.

Significant Support Level – $398

Significant Resistance Level – $410

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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