Published On: Wed, Jun 13th, 2018

Ethereum Price Analysis: ETH/USD Breaks $500

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Key Highlights
ETH price declined further and failed to hold the $500.00 handle against the US Dollar.
This week’s followed important bearish trend line acted as a barrier near $540 on the hourly chart of ETH/USD (data feed via Kraken).
The pair declined below the $500 handle and it may accelerate declines in the near term.
Ethereum price is struggling to recover against the US Dollar and Bitcoin. ETH/USD traded below the $500 level and it remains at a risk of more losses.
Ethereum Price Decline
There was a minor upside recovery above the $520 level in ETH price against the US Dollar. The price corrected towards the $530 and $540 levels, where sellers defended more gains. There was a failure to break the $540 resistance area. Moreover, the 61.8% fib retracement level of the last drop from the $566 high to the $503 low, which ignited a downside reaction.
More importantly, this week’s followed important bearish trend line acted as a barrier near $540 on the hourly chart of ETH/USD. The pair faced a solid selling interest near the $540 level. It declined and moved below the $520 and $510 support levels. The downside move was strong as the price declined below the $505 swing low and broke …

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