Sunday , July 3 2022
Home / Altcoins / Ethereum Price Analysis: ETH Resumes Decline Below $3,800

Ethereum Price Analysis: ETH Resumes Decline Below $3,800

Summary:
Ethereum price started a fresh decline from the ,250 resistance against the US Dollar. ETH price is now trading well below ,500 and the 55 simple moving average (4-hours). There is a key declining channel forming with resistance near ,150 on the 4-hours chart (data feed from Coinbase). The pair could start a steady upward move if there is a move above the ,200 level. Ethereum price is struggling below ,200 against the US Dollar. ETH/USD remains at a risk of a sharp decline if there is a clear break below ,000. Ethereum Price Analysis Recently, ethereum saw a fresh decline from well above ,200 against the US Dollar. ETH price formed a high near the ,275 level and started a major decline. There was a move below the ,100 and ,050 support levels. The

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Nick Marinoff writes New York Suggests Two-Year Moratorium on Crypto Mining

Nick Marinoff writes Elizabeth Warren Attacks Fidelity for Allowing Crypto Retirement Investing

Nick Marinoff writes Luxury Enterprise Gucci Says “Yes” to Crypto Payments

Aayush Jindal writes Ethereum Price Analysis: ETH Could Nosedive Below K

  • Ethereum price started a fresh decline from the $3,250 resistance against the US Dollar.
  • ETH price is now trading well below $3,500 and the 55 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near $3,150 on the 4-hours chart (data feed from Coinbase).
  • The pair could start a steady upward move if there is a move above the $3,200 level.

Ethereum price is struggling below $3,200 against the US Dollar. ETH/USD remains at a risk of a sharp decline if there is a clear break below $3,000.

Ethereum Price Analysis

Recently, ethereum saw a fresh decline from well above $3,200 against the US Dollar. ETH price formed a high near the $3,275 level and started a major decline.

There was a move below the $3,100 and $3,050 support levels. The price even spiked below the $3,000 level and a close below the 55 simple moving average (4-hours). A low is formed near $2,928 and now correcting higher. There was a break above the $3,000 level.

The price is now approaching the 23.6% Fib retracement level of the downward move from the $3,893 swing high to $2,928 low. On the upside, the price is facing resistance near the $3,150 level.

There is also a key declining channel forming with resistance near $3,150 on the 4-hours chart. The main hurdle is now forming near the $3,400 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downward move from the $3,893 swing high to $2,928 low.

Any more gains could send the price towards the $3,800 level. The next major stop for the bulls could be near the $4,000 level. An immediate support on the downside is near the $3,040 level.

The next major support is now near the $3,000 level, below which the price could test $2,950. Any more losses could lead the price towards $2,800.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $3,400 zone and the 55 simple moving average (4-hours). Overall, ether price could start a steady upward move if there is a move above the $3,200 level.

Technical indicators

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

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

Key Support Levels – $3,040, followed by the $3,000 zone.

Key Resistance$ Levels – $3,150 and $3,400.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *