Technical Analysis ETH/USD, August 21

21.08.2020 13:40:55

The repeated attempt of the ETH/USD pair to stay above the $440 level was also unsuccessful. But if after the first attempt the ETH/USD pair found support in the area of $415, then the decline after the second attempt was stronger. As a result of the decline from the $440 level, the ETH/USD pair dropped below the $400 level and was able to find support only in the area of $395.

After that, the ETH/USD pair again rose above the $400 level and reached $415. But at the time of publication, Ethereum is trading at around $400.

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On the 4 hour chart, the pair has formed a downtrend with resistance around $412. Also, the ETH/USD pair dropped below the 100-hour moving average.

If the ETH/USD pair continues to decline and the daily candle closes below the $400 level, a steady decline may begin. In such a case, the ETH/USD pair could retest the support at $395, followed by a key support zone at $378.

If we see the growth of the ETH/USD pair to the area of $420, the pair will receive support around $405. If the pair manages to move above the $420 level, the next major resistance is around the $426 level, above which bulls are likely to target a larger upside move, namely a new test of the $440 level.

Technical indicators MACD and RSI indicate further growth of the ETH/USD pair in the coming sessions.

Major Support Level - $405

Major Resistance Level - $420