16 Jan Ethereum Price Technical Analysis – ETH/USD Declined Below $1275
- ETH price was under a lot of pressure and it declined below the $1300 and $1275 supports against the US Dollar.
- There are two bearish trend lines forming with resistances at $1276 and $1320 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently recovering, but it could face sellers near the $1276 and $1290 levels.
Ethereum price made a downside move against the US Dollar and Bitcoin. ETH/USD is now well below $1300 and is currently in a bearish zone.
Ethereum Price Resistances
Yesterday, we saw how there was an increase in the bearish sentiment from $1374 in ETH price against the US Dollar. The price started a new downside wave and moved below a couple of important support levels such as $1320 and $1300. Moreover, there was a break below a crucial support around the $1276 level and the price settled below the 100 hourly simple moving average.
The decline was major as the price traded towards the $1200 level. A low was formed at $1200.57 from where the price started an upside correction. It has moved above the 23.6% Fib retracement level of the last drop from the $1374.70 high to $1200.57 low. However, there are many resistances waiting on the upside around the $1276 and $1300 level. There are two bearish trend lines forming with resistances at $1276 and $1320 on the hourly chart of ETH/USD. The first trend line is also near the 50% Fib retracement level of the last drop from the $1374.70 high to $1200.57 low.
Moreover, the $1300 resistance is near the 100 hourly simple moving average. Therefore, any major upsides may probably find sellers staring $1276 up to $1320. On the downside, the recent low of $1200 is a crucial support.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI – The RSI is currently well below the 50 level.
Major Support Level – $1200
Major Resistance Level – $1300
Charts courtesy – SimpleFX
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