Ethereum Price Prediction: ETH/USD spirals under $400

Ethereum price fails on all accounts to sustain gains above $400.
ETH/USD path of least resistance remains downwards but support is envisioned at $390 and $381.

Ethereum has spent most of the time this week trying to bring down the resistance at $400. There have been instances where the crypto has made it above this seller congestion zone, however, buyers never managed to sustain gains above $415. The most recent spike traded a weekly high at $408 before giving way for the sellers to start wreaking havoc.

Meanwhile, ETH/USD is trading at $397 at the time of writing. Dominating the market is the ongoing selling pressure. It is apparent that gains above $400 are unlikely in the current session. There could be a reversal above this level if ETH/USD establishes support above the 50 SMA ($393.49).

For now, the path of least resistance is downwards, especially with the technical indicators sending out negative signals. The RSI is almost diving under the midline while the Elliot Wave Oscillator has commenced a new bearish session.

If support at the 50 SMA fails to hold, the 100 SMA at $388.24 would come in handy. However, if losses make it past $380 expect the price to free-fall to $360 and $340 respectively.

ETH/USD price chart

Ethereum confluence levels

Resistance one: $398.46 – Highlighted by the Bollinger Band 15-mins lower curve, the SMA 100 15-minutes, and the previous low 15-minutes.

Resistance two: $402.58 – Home to the Fibonacci 23.6% one-day.

Resistance three: $410 – Hosts the previous high 4-hour and the previous high one-day.

Support one: $390.22 – Highlighted by the previous low 4-hour, the pivot point one-month resistance one and the Bollinger Band 1-hour lower curve.

Support two: $381.97 – As shown by the previous low one-day and the pivot point one-week resistance two.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.