Key HighlightsETH price failed to move higher and it traded below the $862 support against the US Dollar. There is a connecting bearish trend line forming with resistance at $865 on the hourly chart of ETH/USD (data feed via SimpleFX). The pair may correct a few points in the short term, but it could face sellers near $865-870. Ethereum price declined recently against the US Dollar and Bitcoin. ETH/USD now remains at a risk of more declines as long as it is below $865. Ethereum Price ResistanceThere was a minor downside wave initiated in ETH price from the $876 swing high against the US Dollar. The price declined and traded below the $860 and $862 support levels. During the downside, there was a break below a short-term bullish trend line at $863 on the hourly chart. Moreover, there was a close below the $860 support and the 100 hourly simple moving average, which is a negative sign. A low was formed at $835 from where the price started an upside correction. It is currently testing the 23.6% Fib retracement level of the last drop from the $876 high to $835 low. However, the 100 hourly SMA is acting as a resistance near $852 and is prevented gains. On the upside, there is a connecting bearish trend line forming with resistance at $865 on the hourly chart of ETH/USD. An intermediate resistance is the 50% Fib retracement level of the last drop from the $876 high to $835 low. Therefore, if the price corrects higher, it may face sellers near the $860 and $862 resistance levels. On the downside, a break below the recent low of $835 may call for more declines towards $800 and $785. Hourly MACD – The MACD is gaining momentum in the bearish zone. Hourly RSI – The RSI is now well below the 50 level with many negative signs. Major Support Level – $835Major Resistance Level – $862 Charts courtesy – SimpleFX Ethereum Price Technical Analysis – ETH/USD Remains at Risk was last modified: March 1st, 2018 by Aayush Jindal