Ethereum price started a fresh decline from the 0 resistance zone against the US Dollar.ETH price is currently trading below the 8 support and the 55 simple moving average (4-hours).There was a break below a major contracting triangle with support near 7 on the 4-hours chart (data feed from Coinbase).The pair is consolidating losses above 0, but there are chances of more downsides in the near term.Ethereum price is slowly gaining bearish momentum below 8 against the US Dollar. ETH/USD is likely to continue lower below 0 in the coming sessions.Ethereum Price AnalysisAfter a couple of spikes above the 0 and 0 resistance levels, Ethereum price started a fresh decline against the US Dollar. ETH price broke the 0 support level to move into a short-term bearish
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
Guest User writes XRP Price Faces Potential Drop: Leading KOL Warns of Imminent Correction with TD Sequential Sell Signal!
Bilal Hassan writes Bitget Expands in South Africa with Callpay Integration
- Ethereum price started a fresh decline from the $670 resistance zone against the US Dollar.
- ETH price is currently trading below the $628 support and the 55 simple moving average (4-hours).
- There was a break below a major contracting triangle with support near $627 on the 4-hours chart (data feed from Coinbase).
- The pair is consolidating losses above $600, but there are chances of more downsides in the near term.
Ethereum price is slowly gaining bearish momentum below $628 against the US Dollar. ETH/USD is likely to continue lower below $600 in the coming sessions.
Ethereum Price Analysis
After a couple of spikes above the $660 and $670 resistance levels, Ethereum price started a fresh decline against the US Dollar. ETH price broke the $650 support level to move into a short-term bearish zone.
The decline gained pace below the $640 level. More importantly, there was a break below a major contracting triangle with support near $627 on the 4-hours chart. The price even settled below the $620 level and the 55 simple moving average (4-hours).
It tested the $600 support zone and traded as low as $597. The price currently consolidating losses above the $600 support, but it is below the 55 simple moving average (4-hours).
An initial resistance is near the $620 level. The 23.6% Fib retracement level of the recent decline from the $672 swing high to $597 low is also acting as a resistance. The first major resistance on the upside is near the $628 level (the recent breakdown zone).
The next resistance sits near the $635 level. It is close to the 50% Fib retracement level of the recent decline from the $672 swing high to $597 low. A clear break above the $628 and $635 resistance levels could start a fresh increase in the coming sessions.
Conversely, the price could continue to move down if it fails near $628. An initial support is near the $600 level. The next main support is near the $575 level, where the bulls are likely to take a strong stand.
Ethereum Price
Looking at the chart, Ethereum price is clearly showing bearish signs below $628 and the 55 simple moving average (4-hours). Overall, ether price is consolidating losses above $600, but there are chances of more downsides in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well below the 50 level.
Key Support Levels – $600, followed by the $575 zone.
Key Resistance Levels – $628 and $635.