- Course ETH is trying to overcome the resistance levels at $510 and $520.
- On the four-hour chart formed a line bearish trend with resistance level at $505 (according to the exchange Kraken).
- There is a high risk of further fall of the rate of Ethereum, if traders will not be able to overcome resistance at $505 and $510.
The value of ETH is slowly declining, this trend will persist for below $500.
Formed line bearish trend.
This week the price of Ethereum corrected after falling to $448. During snizhenija from $609 to $448 cryptocurrency exceeded the 23.6% Fibonacci level. However, the uptrend met strong resistance at $510, thus further increasing the rate of stopped.
On the four-hour chart formed a line bearish trend with resistance at $505. There is a high risk of further depreciation, if the buyers do not manage to change the downward trend and to overcome the barrier at $520.
Chart data suggests that the rate of ETH faces strong resistance above $510. Major support is at $485. In case of overcoming of that barrier the value of ETH will quickly fall to $450.
The MACD in 4 hours slowly moving into a zone of the bullish trend.
The RSI in 4 hours – below 50.
The main support level of $485.
Major resistance is $520.