RATE Group | Ethereum Price Analysis: ETH/USD Recoveries Capped Near $428
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Ethereum Price Analysis: ETH/USD Recoveries Capped Near $428

02 Aug Ethereum Price Analysis: ETH/USD Recoveries Capped Near $428

Posted at 06:48h in Ethereum News by

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Key Highlights

  • ETH price declined further below $415.00 and traded as low as $407.95 against the US Dollar.
  • There is a crucial bearish trend line in place with resistance near $428 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to move above the $428 and $430 resistance levels to gain upside momentum.

Ethereum price is under pressure against the US Dollar and bitcoin. ETH/USD is correcting higher towards important resistances near $428-430.

Ethereum Price Upside Hurdles

There were further losses in ETH price below the $420 level against the US Dollar. The ETH/USD pair extended losses below the yesterday’s low at $411 and broke the $410 level. A new low was formed at $407.95 before the price started an upside correction. It moved above the 23.6% Fib retracement level of the last slide from the $435 high to $407 low.

There was also a break above a short-term connecting bearish trend line at $418 on the hourly chart of ETH/USD. However, the price is facing many hurdles…

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