Ethereum nosedived and broke the $400 support zone against the US Dollar. ETH price could correct higher, but the previous support near $400 is likely to act as a major hurdle.

In the past three sessions, there was a strong decline in bitcoin and Ethereum below $11,000 and $400 respectively against the US Dollar. ETH price is down over 10% and it broke the $420 and $400 support levels.

The decline was such that the price even traded below the $385 support and settled below the 100 hourly simple moving average. A new monthly low is formed near $371 and ether is currently consolidating losses.

An initial resistance is near the $390 level. It is close to the 23.6% Fib retracement level of the recent slide from the $445 swing high to $371 low. The first major resistance on the upside is near the $400 level (the previous support and now a major resistance).

There is also a crucial bearish trend line forming with resistance near $400 on the hourly chart of ETH/USD. The next major resistance is near the $410 level since it is close to the 50% Fib retracement level of the recent slide from the $445 swing high to $371 low.

A successful break above the trend line and then $410 is must to start a fresh increase in the near term. The next key hurdle for the bulls could be $428 and the 100 hourly SMA.

If Ethereum fails to correct higher above the $400 resistance, it is likely to continue lower. An initial support on the downside is near the $375 level.

A downside break below $375 and $370 could spark a larger decline. The next major support is near the $350 level, where the bulls are likely to take a stand.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now well below the 40 level.

Major Support Level – $370

Major Resistance Level – $400

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