Key HighlightsETH price struggled to maintain the bullish bias and traded below the $1170 support against the US Dollar. There was a break below a major bullish trend line with support at $1162 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair is now trading below the $1140 support level and it looks set for further declines in the near term. Ethereum price made a short term top against the US Dollar and Bitcoin. ETH/USD is now trading well below $1180 and it may continue to decline further. Ethereum Price ResistanceAfter a decent upside move above $1220, ETH price found resistance against the US Dollar. The price formed a short-term top at $1229 and it later started a downside move. There was a break below 23.6% Fib retracement level of the last leg up from the $1079 low to $1230 swing high. The downside move gained pace and the price was able to move below the $1180 support area. More importantly, there was a break below a major bullish trend line with support at $1162 on the hourly chart of ETH/USD. The pair declined further and traded below the 50% Fib retracement level of the last leg up from the $1079 low to $1230 swing high. This means the price is now back in the bearish zone below $1153. At the moment, the price is trading near a major support at $1120 and the 100 hourly simple moving average. Moreover, the 76.4% Fib retracement level of the last leg up from the $1079 low to $1230 swing high is at $1113. Therefore, the price has to stay above the $1110-1120 support. If it fails to hold $1110, it could decline back towards the $1050 level. Hourly MACD – The MACD is gaining momentum in the bearish zone. Hourly RSI – The RSI is now well below the 50 level and is heading lower. Major Support Level – $1110Major Resistance Level – $1155 Charts courtesy – SimpleFX Ethereum Price Analysis – ETH/USD Breaks Key Support was last modified: March 31st, 2018 by Aayush Jindal