Ethereum Price Analysis: ETH/USD Nosedives Below $690

Key HighlightsETH price started a sharp downside move and traded below the $700 and $690 supports against the US Dollar.This week’s highlighted key bullish trend line with support at $725 was broken on the hourly chart of ETH/USD (data feed via Kraken).The pair is now back in a short-term bearish zone and it could retest the $660 support.Ethereum price nosedived against the US Dollar and Bitcoin. ETH/USD is currently trading well below the $700 level and it moved into a bearish zone.Ethereum Price DeclineThere was no upside break above the $742 resistance in ETH price against the US Dollar. The price started a sharp downside move and declined below the $730, $720 and $710 support levels. It seems like the price was rejected from the $742 level and buyers failed to gain bullish momentum. The worst thing is the fact that the price settled below the $700 support and the 100 hourly simple moving average.Moreover, this week’s highlighted key bullish trend line with support at $725 was broken on the hourly chart of ETH/USD. The pair even cleared the 50% Fib retracement level of the last wave from the $635 swing low to $742 high at $690. It has opened the doors for more losses and the price may decline further below $680. The next support on the downside is around the 76.4% Fib retracement level of the last wave from the $635 swing low to $742 high. The overall bias has turned bearish short term with a close below $700.Ethereum Price Analysis ETH USDLooking at the chart, the price is under a lot of selling pressure from $742. If sellers remain in control, there is a chance of more declines below $660. On the upside, the broken support at $700 and $720 are likely to act as hurdles for a recovery.Hourly MACD – The MACD is gaining momentum in the bearish zone.Hourly RSI – The RSI has reached the oversold levels.Major Support Level – $660Major Resistance Level – $700

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