RATE Group | Ethereum Price Analysis: ETH/USD’s Recovery Capped Near $412-428
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Ethereum Price Analysis: ETH/USD’s Recovery Capped Near $412-428

06 Aug Ethereum Price Analysis: ETH/USD’s Recovery Capped Near $412-428

Posted at 06:28h in Ethereum News by

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Key Highlights

  • ETH price is holding the $400-402 support area and is currently consolidating against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $412 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is facing many resistances on the upside near $412, $416 and $428 for more recoveries.

Ethereum price remains in a downtrend against the US Dollar and bitcoin. ETH/USD must clear the $412 and $728 resistances to gain traction in the near term.

Ethereum Price Upside Hurdles

There were heavy losses below $440 this past week in ETH price against the US Dollar. The ETH/USD pair traded below $400, but it later recovered and started consolidating in a range. It seems like the price is forming a decent support near the $400-402 zone. It recently traded above the 50% Fib retracement level of the recent slide from the $420 high to $399 low.

However, the price is currently facing a major resistance near $412 and the 100 hourly simple moving average….

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