Ethereum Price Analysis: ETH/USD Tumbles Below $430
The ETH/USD pair extended declines below the $465 level and tumbled by more than $40. It even broke the $440 and $426 support levels to move into a bearish zone. The recent low was near $411 and it seems like upsides and recoveries are likely to be limited in the near term.
On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $458 high to $411 low. Moreover, there are two key bearish trend lines formed with resistance around $430 on the hourly chart of ETH/USD.
Looking at the chart, the price may perhaps correct a few points towards the $430 level. However, it is likely to face sellers and decline back below $420. Should there be a break below the $411 low, there is a risk of more losses below $400.