Ethereum price failed to clear the ,850 resistance and declined heavily against the US Dollar. ETH price is currently trading well below ,800 and the 55 simple moving average (4-hours). There was a break below a rising channel with support near ,788 on the 4-hours chart (data feed from Coinbase). The pair is likely to continue lower towards the ,600 and ,500 support levels in the near term. Ethereum price is slowly moving lower from ,800 against the US Dollar. ETH/USD could nosedive to ,500 as long as it is below the ,720 zone. Ethereum Price Analysis After struggling to stay above the ,800 and ,825 levels, Ethereum started a fresh decline against the US Dollar. ETH broke many supports near ,780 and ,720 to move into a bearish zone. There was
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- Ethereum price failed to clear the $1,850 resistance and declined heavily against the US Dollar.
- ETH price is currently trading well below $1,800 and the 55 simple moving average (4-hours).
- There was a break below a rising channel with support near $1,788 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue lower towards the $1,600 and $1,500 support levels in the near term.
Ethereum price is slowly moving lower from $1,800 against the US Dollar. ETH/USD could nosedive to $1,500 as long as it is below the $1,720 zone.
Ethereum Price Analysis
After struggling to stay above the $1,800 and $1,825 levels, Ethereum started a fresh decline against the US Dollar. ETH broke many supports near $1,780 and $1,720 to move into a bearish zone.
There was also a close below the $1,720 support and the 55 simple moving average (4-hours). During the decline, there was a break below a rising channel with support near $1,788 on the 4-hours chart. The pair traded as low as $1,656 and it is currently correcting higher.
It is testing the $1,710 resistance zone. It is near the 23.6% Fib retracement level of the downward move from the $1,869 swing high to $1,656 low. The main resistance is near the $1,725 level (the breakdown zone).
The next key resistance is near the $1,760 level. It is close to the 50% Fib retracement level of the downward move from the $1,869 swing high to $1,656 low. To move into a positive zone, the price must clear the $1,725 and $1,760 resistance levels.
Conversely, the price might extend its decline below the $1,660 zone. The next key support is near the $1,600 level. Any more losses could lead the price towards the $1,450 level. An intermediate support sits near the $1,500 level, where the bulls are likely to take a stand.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading well below the $1,800 level and the 55 simple moving average (4-hours). Overall, ether price is likely to continue lower towards the $1,600 and $1,500 support levels 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 below the 40 level.
Key Support Levels – $1,600, followed by the $1,500 zone.
Key Resistance Levels – $1,725 and $1,760.