ETH Nosedives 5%, Failing To Clear the $445 Resistance: Analysis

ETH nosedives by 5%, failing to clear the $445 resistance and dropped below $420 against the US dollar. The ethereum price is now approaching a huge support zone close to the $400 level as we are reading more in the Ethereum latest news.

ETH nosedives by 5% and it broke the $425 and $420 levels. The price even settled below the $420 level and the 100 hourly simple moving average with a bearish trend line forming close to the resistance of $420 on the hourly charts of ETH/USD. The pair will likely find a stronger buying interest close to the $400 and $398.

Ethereum failed again to gain strength above $445 and started a downside correction against the US dollar. ETH is down by  5% and broke the $425 and $420 support levels. The recent drop was such that the price settled below the 0 level and the 100 hourly simple moving average.
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ETH traded as low as $405 and is now recovering higher while the initial resistance is getting near the $415 level. The 23.6% Fib retracement level from the recent decline of $447 swing high to $405 low is close to the $415 level that acts as a hurdle. Moreover, there’s another bearish trend line forming with a resistance close to the $420 level on the hourly charts of ETH/USD.

The main resistance is forming close to the $425 level while the 50% fib retracement level of the recent decline from $447 swing high to $405 low is close to the $425 level. The successful break above $425 is needed to start another increase so the bulls become able to push the price above $445. If ethereum fails to recover above this trend line, it could continue to move down. The first support is close to the recent low of $405. The main support is close to the 400 level and if there are more losses below $395, the price could start a huge downside correction towards $380. The hourly mACD for the pair is gaining momentum in the bearish zone while the hourly RSI is well below the 40 levels. The major support level is set at $400 while the major resistance level is set at $425.

As we reported in the ETH calculator news previously, Vitalik Buterin, the Ethereum founder says that if you don’t understand DeFi, maybe it’s a better idea to sit it out, as the decentralized finance space has become Ethereum’s killer use case.
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