Key points The Ethereum exchange rate is under strong pressure. To change the trend, it’s necessary to break through the resistance around $432. Now there is a bearish trend, the correction of the ETH cost is limited by a powerful barrier at $732. This week, the market is dominated by a downward trend. The Ethereum rate fell sharply to $397, breaking the barriers at $430, $423 and $400. Then the price of ETH was consolidated in the range of $400. During the last fall of the exchange rate from $483 to $397, the cryptocurrency was trading below 23.6% of the Fibonacci level. However, buyers were unable to seize the initiative, that is why ETH could not keep above the $417 mark. At the moment, the price of Ethereum fluctuates around $406. On the four-hour chart, two bearish trend line has formed with resistance in the region of $412 and $432. In addition, an intermediate resistance zone in the range of $423 is forming. This chart indicates that buyers will meet a strong resistance barrier at $432. The main support level is $397. |
