RATE Group | Ethereum Price Analysis: ETH/USD At Risk of More Declines
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Ethereum Price Analysis: ETH/USD At Risk of More Declines

24 Jul Ethereum Price Analysis: ETH/USD At Risk of More Declines

Posted at 06:08h in Ethereum News by

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Key Highlights

  • ETH price failed to move above the $468-469 resistance zone and declined against the US Dollar.
  • There was a break below a major bullish trend line with support at $460 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently at a risk of more declines towards the next support at $430 in the near term.

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 Resistance

Yesterday, 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…

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