RATE Group | Ethereum Price Weekly Analysis: ETH/USD Facing Uphill Task
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Ethereum Price Weekly Analysis: ETH/USD Facing Uphill Task

05 Aug Ethereum Price Weekly Analysis: ETH/USD Facing Uphill Task

Posted at 06:01h in Ethereum News by

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Key Highlights

  • ETH price is under a lot of bearish pressure below the $430 and $410 levels against the US Dollar.
  • There are two bearish trend lines in place with resistance at $432 and $412 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair needs to settle above $432 and the 100 SMA (4-hours) to move back in a positive zone.

Ethereum price is trading with bearish moves versus the US Dollar and Bitcoin. ETH/USD is facing major hurdles near $732 for a recovery in the near term.

Ethereum Price Resistances

This past week, there were mostly bearish moves below $440 in ETH price against the US Dollar. The ETH/USD pair declined and broke the $430 and $423 support levels. It moved into a bearish zone below $430 and settled below the 100 simple moving average (4-hours). The decline was such that the price even broke the $400 level and formed a new low at $397.

Later, the price started consolidating around the $400 level. It tested the 23.6% fib retracement level of the last decline…

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