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Ethereum Price Analysis: ETH is Facing Uphill Task Near $3K

Summary:
Ethereum price declined below ,000 before starting an upside correction against the US Dollar. ETH price is still below ,500 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,000 on the 4-hours chart (data feed from Coinbase). The pair must clear the main ,000 resistance to start a fresh increase in the near term. Ethereum price started an upside correction from the ,750 zone against the US Dollar. ETH/USD is now approaching a key barrier near the ,000 zone. Ethereum Price Analysis In the past few days, there were additional losses in ethereum below the ,000 level against the US Dollar. ETH broke many supports near ,800 to move into a bearish zone. The price even broke the ,500 support level

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  • Ethereum price declined below $2,000 before starting an upside correction against the US Dollar.
  • ETH price is still below $3,500 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $3,000 on the 4-hours chart (data feed from Coinbase).
  • The pair must clear the main $3,000 resistance to start a fresh increase in the near term.

Ethereum price started an upside correction from the $1,750 zone against the US Dollar. ETH/USD is now approaching a key barrier near the $3,000 zone.

Ethereum Price Analysis

In the past few days, there were additional losses in ethereum below the $3,000 level against the US Dollar. ETH broke many supports near $2,800 to move into a bearish zone.

The price even broke the $2,500 support level and the 55 simple moving average (4-hours). The bears pushed the price below the $2,000 level and the price traded as low as $1,737. Recently, the price started an upside correction above the $2,000 level.

There was a break above a key bearish trend line with resistance near $2,200 on the 4-hours chart. The price climbed above the 50% Fib retracement level of the recent decline from the $3,010 swing high to $1,737 low.

The price even climbed above the $2,500 level. However, the price is now facing resistance near the $2,800 zone and the 55 simple moving average (4-hours). The 76.5% Fib retracement level of the recent decline from the $3,010 swing high to $1,737 low is acting as a barrier.

On the upside, there is a major resistance forming near the $3,000 level. There is also a major bearish trend line forming with resistance near $3,000 on the same chart.

A clear break above the trend line resistance could lead the price towards the next major resistance near the $3,600 level. On the downside, the $2,500 level is a decent support. The next major support may possibly be near the $2,200 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $2,800 level and the 55 simple moving average (4-hours). Overall, ether price must clear the main $3,000 resistance to start a fresh increase in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $2,500, followed by the $2,200 zone.

Key Resistance Levels – $2,800 and $3,000.

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