Key HighlightsETH price faced a lot of selling pressure recently and declined below $810 against the US Dollar. Yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD (data feed via SimpleFX). The pair may correct a few points in the short term, but it remains in a downtrend below $840. Ethereum price extended losses against the US Dollar and Bitcoin. ETH/USD declined as low as $776 and it is currently correcting higher toward barriers. Ethereum Price ResistanceThere was no major upside move in ETH price above the $860 level against the US Dollar. The price struggled to correct higher and it started a downside move below the $840 level. It declined and broke a couple of support levels such as $810 and $800. It traded as low as $776 from where a minor upside correction was initiated. However, the price may face many barriers on the upside on the way to $810. It has moved above the 23.6% Fib retracement level of the last decline from the $858 high to $776 low. However, there is a major resistance near $810-820. More importantly, yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD. The trend line resistance is close to the 50% Fib retracement level of the last decline from the $858 high to $776 low. Therefore, if the price corrects further from the current levels, it could face sellers near the $820 and $825 levels. Above $825, the next major barrier for buyers is at $840. On the downside, the recent low at $776 is a key intraday support. If the price fails to stay above $776, then it could accelerate declines towards the $750 level. Hourly MACD – The MACD is gaining pace in the bearish zone. Hourly RSI – The RSI is correcting higher, but with no major bullish sign. Major Support Level – $776Major Resistance Level – $825 Charts courtesy – SimpleFX Ethereum Price Technical Analysis – ETH/USD Decline Looks Real was last modified: March 31st, 2018 by Aayush Jindal