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Ethereum Price Analysis: ETH Corrects Lower, $2,000 Holds The Key

Summary:
Ethereum price started a fresh decline from well above ,400 against the US Dollar. ETH price is currently trading well below ,275 and the 55 simple moving average (4-hours). There was a break below a major contracting triangle with support near ,275 on the 4-hours chart (data feed from Coinbase). The pair is likely to find a strong buying interest near the ,000 and ,930 levels. Ethereum price is correcting gains below ,300 against the US Dollar. ETH/USD could decline heavily if there is a daily close below the ,000 support zone. Ethereum Price Analysis There was an upside break in Ethereum above the ,400 level against the US Dollar. However, ETH failed to test the ,550 resistance zone. A high was formed near ,548 before the price started a fresh

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  • Ethereum price started a fresh decline from well above $2,400 against the US Dollar.
  • ETH price is currently trading well below $2,275 and the 55 simple moving average (4-hours).
  • There was a break below a major contracting triangle with support near $2,275 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to find a strong buying interest near the $2,000 and $1,930 levels.

Ethereum price is correcting gains below $2,300 against the US Dollar. ETH/USD could decline heavily if there is a daily close below the $2,000 support zone.

Ethereum Price Analysis

There was an upside break in Ethereum above the $2,400 level against the US Dollar. However, ETH failed to test the $2,550 resistance zone. A high was formed near $2,548 before the price started a fresh decline.

The price broke many supports near the $2,300 and $2,275 levels. There was also a break below a major contracting triangle with support near $2,275 on the 4-hours chart. It is currently trading well below $2,275 and the 55 simple moving average (4-hours).

ETH tested the $2,000 support and started a recovery wave. It climbed above the $2,150 and $2,200 levels. There was a break above the 23.6% Fib retracement level of the downward move from the $2,548 high to $2,000 low.

However, the price is facing a strong resistance near the $2,275 and $2,300 levels. It failed to clear the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $2,548 high to $2,000 low is also acting as a resistance.

It is sliding again and trading below $2,150. An immediate support is near the $2,050 level. The main support is near the $2,000 level. If there is a daily close below the $2,000 level, there is a risk of a sharp decline in the coming sessions.

Conversely, the price might start a fresh increase above the $2,275 resistance zone. The next key resistance is near the $2,400 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well below the $2,300 level and the 55 simple moving average (4-hours). Overall, ether price is likely to find a strong buying interest near the $2,000 and $1,930 levels.

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 – $2,050, followed by the $2,000 zone.

Key Resistance Levels – $2,200 and $2,275.

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