Ethereum price nosedived and broke many supports like $400.00 and $350.00 against the US Dollar. ETH/USD could accelerate losses and it could even break $300.
- Ethereum price came under a lot of pressure after it settled below the $400.00 support against the US Dollar.
- There is a major connecting bearish trend line in place with resistance at $355.00 on the 2-hours chart of ETH/USD.
- The pair remains at a risk of more losses if buyers fail to hold the $300.00 handle.
Ethereum Price Weekly Analysis
Ethereum price struggled a lot during the past three days and declined heavily below the $400.00 support level. ETH/USD even broke the $360.00 and $350.00 support levels and is currently approaching the $300.00 handle.
Buyers fought hard around the $350.00 support and pushed the price above $360.00. There was also a break above the 23.6% Fib retracement level of the decline from the $410.26 high to $347.81 low.
However, the price failed to surpass the $371.00 resistance and the 38.2% Fib retracement level of the same decline. As a result, there was a fresh downside move and the price broke a contracting triangle at $360.00 to move into a bearish.
Finally, there was a break below the $350.00 support level, resulting in a sharp drop below the $330.00 and $320.00 levels. It seems like the price could accelerate losses and test the $300.00 handle in the short term.
Below $300.00, the price may perhaps slide further towards the $250.00 and $260.00 support levels. On the flip side, if there is a recovery from the current levels or $300.00, the previous supports near the $340.00 and $350.00 levels are likely to act as hurdles.
Overall, Ethereum buyers are under immense pressure and ETH/USD is likely to decline further towards $300.00 and $275.00 in the near term. Any recoveries are likely to be capped by a major connecting bearish trend line in place with resistance at $355.00.
The market data is provided by TradingView, Coinbase.