Ethereum Extended Its Decline Below $392 With Risks Of Sharp Decline

Ethereum extended its decline below the $392 support level against the US dollar and the price now testing the $32 remaining at risk of more downsides so let’s read more in today’s Ethereum news.

The price is now trading well below the $380 level and the 100 hourly simple moving average. There was also a break below the major bullish trend line with the support of $391 on the hourly charts of the pair. The pair is now testing crucial breakdown support of 2 and 3 zone.
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After topping close to the $404 level, ETH started a fresh decline and the price broke the $392 and $388 support levels into the short-term bearish zone.

What’s even more important, there was a break below the major bullish trend line with the support of $391 on the charts of ETH/USD. It opened the doors for more losses below the $380 support and the 100 hourly simple moving average but there was also a fresh decline in the BTC price below the $13,500 support zone. Ethereum’s price declined below the 76% fib retracement level from the upward movement at $373 swing low to $404 swing high. It is now trading close to the crucial breakdown support at the $372 zone. If there’s another downside break below the $372 support zone, the price could continue moving down towards the $366 and the $365 support levels. The 1.236 fib extension level of the upward movement from the $373 swing low to $404 swing high is near the $366 level.

Further losses below the $366 and the $365 support levels could clear the path for the extended decline towards the $355 support in the upcoming sessions. The next major support is close to the $350 level. If ethereum starts another correction, the previous support is near the $380 level which will act as a hurdle for the bulls. The next major resistance is also close to the $385 level. as Ethereum extended its decline, the main resistance for the bulls is forming close to the $388 level and the 100 hourly simple moving average above which the ether price will test or even break the $400 resistance zone. The MACD for ETH/USD is now losing momentum in the bullish zone while the RSI for the pair is well above the 60 levels.