Key points

The Ethereum exchange rate is under strong pressure.

To change the trend, it’s necessary to break through the resistance around $432.

Now there is a bearish trend, the correction of the ETH cost is limited by a powerful barrier at $732.

The resistance will be very difficult to overcome.

This week, the market is dominated by a downward trend. The Ethereum rate fell sharply to $397, breaking the barriers at $430, $423 and $400. Then the price of ETH was consolidated in the range of $400. During the last fall of the exchange rate from $483 to $397, the cryptocurrency was trading below 23.6% of the Fibonacci level. However, buyers were unable to seize the initiative, that is why ETH could not keep above the $417 mark.

At the moment, the price of Ethereum fluctuates around $406. On the four-hour chart, two bearish trend line has formed with resistance in the region of $412 and $432. In addition, an intermediate resistance zone in the range of $423 is forming. This chart indicates that buyers will meet a strong resistance barrier at $432.

The main support level is $397.

The main resistance level is $432.