RATE Group | Ethereum Price Analysis: ETH/USD Tumbles Below $430
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Ethereum Price Analysis: ETH/USD Tumbles Below $430

01 Aug Ethereum Price Analysis: ETH/USD Tumbles Below $430

Posted at 06:21h in Ethereum News by

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Key Highlights

  • ETH price extended declines and broke the $440 and $426 support levels against the US Dollar.
  • There are two key bearish trend lines formed with resistance at $429 and $442 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is in a major downtrend and it remains at a risk of more declines below $410 in the near term.

Ethereum price declining sharply against the US Dollar and bitcoin. ETH/USD extended losses below $430 and it may even test the $400 level.

Ethereum Price Resistance

Yesterday, we discussed that ETH price turned bearish below $468 against the US Dollar. The ETH/USD pair extended declines below the $465 level and tumbled by more than $40. It even broke the $440 and $426 support levels to move into a bearish zone. The recent low was near $411 and it seems like upsides and recoveries are likely to be limited in the near term.

On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $458 high to $411 low….

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