Ethereum price started a fresh decline from well above ,700 against the US Dollar. ETH price is now trading below ,600 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near ,565 on the 4-hours chart (data feed from Coinbase). The pair could continue to move down if it fails to clear the ,600 resistance zone. Ethereum price is struggling below ,600 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,500 level. Ethereum Price Analysis Recently, ethereum saw a fresh bearish move from well above the ,700 level against the US Dollar. ETH price traded below the ,650 support zone and the 55 simple moving average (4-hours). The bears gained strength for a move below the ,600
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Aayush Jindal writes Ethereum Price Analysis: ETH Revisits Support As Bears Take Control
- Ethereum price started a fresh decline from well above $2,700 against the US Dollar.
- ETH price is now trading below $2,600 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $2,565 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to move down if it fails to clear the $2,600 resistance zone.
Ethereum price is struggling below $2,600 against the US Dollar. ETH/USD remains at a risk of more downsides below the $2,500 level.
Ethereum Price Analysis
Recently, ethereum saw a fresh bearish move from well above the $2,700 level against the US Dollar. ETH price traded below the $2,650 support zone and the 55 simple moving average (4-hours).
The bears gained strength for a move below the $2,600 level. The price even declined below the $2,500 support and traded as low as $2,492. It is now consolidating losses and trading above the $2,500 level. There was a move above the 23.6% Fib retracement level of the recent decline from the $2,774 swing high to $2,492 swing low.
On the upside, the price is facing resistance near the $2,565 level. There is also a major bearish trend line forming with resistance near $2,565 on the 4-hours chart.
The first major resistance is now forming near the $2,600 level and the 55 simple moving average (4-hours). The next key resistance is near the 50% Fib retracement level of the recent decline from the $2,774 swing high to $2,492 swing low.
A close above the $2,640 level could start another increase. The next major stop for the bulls could be near the $2,750 level. If not, there is a risk of more losses below the $2,500 level. The next major support is now near the $2,450 level.
A break below the $2,450 support could push the price to $2,325. Any more losses could lead the price towards $2,250 or even $2,100.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below the $2,600 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it fails to clear the $2,600 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now near the 50 level.
Key Support Levels – $2,500, followed by the $2,450 zone.
Key Resistance$ Levels – $2,600 and $2,640.