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Ethereum Price Analysis: ETH Turns Red Below $3,200

Summary:
Ethereum price started a major decline below the ,500 support against the US Dollar. ETH price is now trading below ,200 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,200 on the 4-hours chart (data feed from Coinbase). The pair could correct higher, but the bears are likely to remain active near ,200. Ethereum price is showing bearish signs below ,200 against the US Dollar. ETH/USD could resume its decline as long as it is below ,200. Ethereum Price Analysis In the past few days, ethereum saw a major decline below the ,600 zone against the US Dollar. ETH price broke the ,400 support zone and the 55 simple moving average (4-hours). The price even traded below the ,200 and ,150 levels.

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  • Ethereum price started a major decline below the $3,500 support against the US Dollar.
  • ETH price is now trading below $3,200 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $3,200 on the 4-hours chart (data feed from Coinbase).
  • The pair could correct higher, but the bears are likely to remain active near $3,200.

Ethereum price is showing bearish signs below $3,200 against the US Dollar. ETH/USD could resume its decline as long as it is below $3,200.

Ethereum Price Analysis

In the past few days, ethereum saw a major decline below the $3,600 zone against the US Dollar. ETH price broke the $3,400 support zone and the 55 simple moving average (4-hours).

The price even traded below the $3,200 and $3,150 levels. Finally, the price spiked below the $3,000 support level. The recent low was formed near $2,805 before the price started an upside correction. It broke the $3,000 resistance level.

It is now testing the 23.6% Fib retracement level of the recent decline from the $3,675 swing high to $2,805 low. However, the price is now trading below $3,200 and the 55 simple moving average (4-hours).

An immediate resistance is near the $3,150 level. The main resistance is now forming near the $3,200 level. There is also a major bearish trend line forming with resistance near $3,200 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,675 swing high to $2,805 low.

The next major resistance is near the $3,400 zone and the 55 simple moving average (4-hours). A close above the $3,400 level could open the doors for a fresh increase.

An immediate support is near the $2,900 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 test $2,650. Any more losses could lead the price towards $2,500.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well below the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could correct higher, but the bears are likely to remain active near $3,200.

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 40 level.

Key Support Levels – $2,900, followed by the $2,800 zone.

Key Resistance Levels – $3,200 and $3,400.

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