• ETH is under immense bearish pressure as it declined below the $support against the US Dollar. • There are two crucial bearish trend lines forming with resistance at$670 and $760 on the hourly chart of ETH/USD ( feed via SimpleFX). • The pair is currently moving down and it is likely to break the$600 and $580 support levels in the near term. price getting against the US Dollar and Bitcoin. ETH/USD is now below$650 and it eyes further declines below the $600 level. ## Ethereum Price Monstrous Decline There were continuous declines in ETH price from the$900 swing high against the US Dollar. The price traded below the $800 and$700 support levels to set the pace for more declines. It recently broke the $650 support and traded as low as$619. It started a minor downside correction and moved above the 23.6% Fib retracement level of the last decline from the $847 high to$619 low.

However, the upside move could not last long and the price failed near $700-720. There was a failure to break the 50% Fib retracement level of the last decline from the$847 high to $619 low. On the upside, there are two crucial bearish trend lines forming with resistance at$670 and $760 on the hourly chart of ETH/USD. The pair struggled near the first trend line and$700. It is once again sliding and it is about to break the $619 low. It seems like the pair may soon test the$600 level.

There are even chances of a break below $600 for a test of the$580 support. On the upside, the pair has to break the $720 and$750 resistance levels to initiate a convincing recovery.

Hourly MACD – The MACD is placed heavily in the bearish zone.

Hourly RSI – The RSI is showing no signs of a recovery and is currently at 30.

Major Support Level – $580 Major Resistance Level –$750

Charts courtesy – SimpleFX

### Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and , and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative of the currency, commodities, Bitcoin and Ethereum markets.