Key HighlightsETH price declined sharply and broke a major support at $680 against the US Dollar. There was a break below a key bullish trend line with support at $678 on the hourly chart of ETH/USD (data feed via Kraken). The pair declined sharply and then recovered, which looks like a false break below $650. Ethereum price struggled to gain momentum against the US Dollar and Bitcoin. ETH/USD tumbled below $650, but it looks like a false downside break. Ethereum Price ResistanceThere was a continuous selling interest above $680 in ETH price against the US Dollar. As a result, there was a downside reaction and the price broke a major support near $680. It pushed the price down and it declined below the $665 support and the 100 hourly simple moving average. The price also failed to hold the 61.8% Fib retracement level of the last wave from the $600 swing low to $700 high. During the decline, there was a break below a key bullish trend line with support at $678 on the hourly chart of ETH/USD. The pair settled below the $665 support and the 100 hourly simple moving average. Sellers gained control and pushed the price below $600. However, there was a sharp bounce back from the $585 low, suggesting a false downside break. It moved back above the 38.2% Fib retracement level of the last drop from the $700 high to $585 low. However, there are many hurdles on the upside near the $665 level and the 100 hourly SMA. Looking at the chart, the 61.8% Fib retracement level of the last drop from the $700 high to $585 low might also act as a strong resistance. Overall, the price may continue to move higher, but it won’t be easy for buyers to push it above $656, $665 and $675. Hourly MACD – The MACD is back in the bearish zone. Hourly RSI – The RSI is currently recovering from the oversold levels. Major Support Level – $620Major Resistance Level – $665 Ethereum Price Technical Analysis – ETH/USD’s False Downside Break was last modified: May 1st, 2018 by Aayush Jindal