Ethereum price started an upside correction above ,000 against the US Dollar. ETH price is now trading below ,100 and the 55 simple moving average (4-hours). There is a key contracting triangle forming with resistance near ,150 on the 4-hours chart (data feed from Coinbase). The pair could start a fresh decline if there is no break above ,160 in the near term. Ethereum price is showing bearish signs below ,160 against the US Dollar. ETH/USD could resume its decline as long as it is below ,160. Ethereum Price Analysis In the past few days, ethereum saw a major decline below the ,200 zone against the US Dollar. ETH price broke the ,000 support zone and the 55 simple moving average (4-hours). The price even traded below the ,800 and ,700 levels. The
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes Avail Teams Up with Leading Blockchain Platforms for Data Integration
Steve Muchoki writes Aligned Layer Successfully Raised M in Series A Funding Round Led by Hack VC
Mayowa Adebajo writes BNB Chain to Move Native Liquid Staking Feature to BSC
Temitope Olatunji writes Renzo (REZ) Addresses Community Backlash with Airdrop Adjustment and Token Stabilization Efforts
- Ethereum price started an upside correction above $3,000 against the US Dollar.
- ETH price is now trading below $3,100 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $3,150 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh decline if there is no break above $3,160 in the near term.
Ethereum price is showing bearish signs below $3,160 against the US Dollar. ETH/USD could resume its decline as long as it is below $3,160.
Ethereum Price Analysis
In the past few days, ethereum saw a major decline below the $3,200 zone against the US Dollar. ETH price broke the $3,000 support zone and the 55 simple moving average (4-hours).
The price even traded below the $2,800 and $2,700 levels. The recent low was formed near $2,651 before the price started an upside correction. There was a recovery wave above the $2,800 and $2,950 levels. The price cleared the 23.6% Fib retracement level of the main decline from the $3,675 swing high to $2,651 low.
The price even spiked above the $3,100 level and the 55 simple moving average (4-hours). However, the bears protected the $3,160 resistance zone.
It seems like the price failed to clear the 50% Fib retracement level of the main decline from the $3,675 swing high to $2,651 low. It is now trading below $3,100 and the 55 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $3,150 on the 4-hours chart.
An immediate resistance is near the $3,000 level. The main resistance is now forming near the $3,160 level. A close above the $3,160 level could open the doors for a fresh increase. On the downside, an immediate support is near the $2,890 level.
The main support is now near the $2,800 level. If there is a downside break below the $2,800 support, the price could retest $2,650. Any more losses could lead the price towards $2,500.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below the $3,100 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh decline if there is no break above $3,160 in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still below the 50 level.
Key Support Levels – $2,890, followed by the $2,800 zone.
Key Resistance$ Levels – $3,100 and $3,160.