Ethereum declined 5% and it broke the main $400 support against the US Dollar. ETH price is recovering from the $385 support, but it could face hurdles near $400.
- Ethereum is down 5% and it broke the $400 and $395 support levels.
- The price is currently recovering from $385, but it is well below the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline unless it clears the $400 resistance area in the near term.
Ethereum Price is Down 5%
Yesterday, we discussed the chances of a sharp decline in Ethereum below the $400 support. ETH price did fail to clear the $410 resistance and it declined sharply (unlike bitcoin) below the $400 and $395 support levels.
The decline gained pace below $395 and the price settled below the 100 hourly simple moving average. It tested the $385 support zone and a low is formed near $383. Ether price is currently recovering and trading above the $390 level.
There was a break above the 23.6% Fib retracement level of the recent drop from the $418 high to $383 low. On the upside, the price is facing a lot of hurdles near the $395 and $400 levels.
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