RATE Group | Ethereum Price Analysis: ETH/USD Plummets, Bearish Below $390
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Ethereum Price Analysis: ETH/USD Plummets, Bearish Below $390

08 Aug Ethereum Price Analysis: ETH/USD Plummets, Bearish Below $390

Posted at 07:17h in Ethereum News by

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Key Highlights

  • ETH price fell sharply and broke the $400, $390 and $380 support levels against the US Dollar.
  • This week’s followed crucial bearish trend line prevented gains near $406 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting higher, but it is likely to face sellers near the $380 and $390 levels.

Ethereum price dropped heavily against the US Dollar and bitcoin. ETH/USD is now well below $390 and is poised to extend losses in the near term.

Ethereum Price Trend

Yesterday, there was a minor upside move above $405 in ETH price against the US Dollar. However, the ETH/USD pair failed to clear a few important hurdles near the $405 and $408 levels. The price faced a solid resistance near the 100 hourly simple moving average and $308. Moreover, the 76.4% Fib retracement level of the last slide from the $414 high to $401 low prevented an upside break.

Lastly, this week’s followed crucial bearish trend line prevented gains near $406 on the hourly…

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