Ethereum price is struggling to recover above the ,900 resistance against the US Dollar. ETH price is now trading below ,900 and the 55 simple moving average (4 hours). There is a major bearish trend line forming with resistance near ,850 on the 4-hour chart (data feed from Coinbase). The pair could recover, but it is likely to face sellers near the ,950 resistance zone. Ethereum price is declining below ,900 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,800 support zone. Ethereum Price Analysis This past week, Ethereum struggled to clear the ,050 resistance zone against the US Dollar. ETH price attempted a few times to clear the ,050 level but failed. A swing high was formed near ,142 and the price started a fresh
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- Ethereum price is struggling to recover above the $1,900 resistance against the US Dollar.
- ETH price is now trading below $1,900 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $1,850 on the 4-hour chart (data feed from Coinbase).
- The pair could recover, but it is likely to face sellers near the $1,950 resistance zone.
Ethereum price is declining below $1,900 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,800 support zone.
Ethereum Price Analysis
This past week, Ethereum struggled to clear the $2,050 resistance zone against the US Dollar. ETH price attempted a few times to clear the $2,050 level but failed.
A swing high was formed near $2,142 and the price started a fresh decline. There was a drop below the $1,920 and $1,900 support levels. The pair even spiked below the $1,850 support. A low is formed near $1,805 and the price is now consolidating losses.
It is now trading below $1,900 and the 55 simple moving average (4 hours). On the upside, the price is now facing resistance near the $1,850 level. There is also a major bearish trend line forming with resistance near $1,850 on the 4-hours chart.
The 23.6% Fib retracement level of the downward move from the $2,142 swing high to the $1,805 low is also above the trend line. The next major resistance is near the $1,950 level or the 55 simple moving average (4 hours).
The next major resistance is near the $1,975 zone or the 50% Fib retracement level of the downward move from the $2,142 swing high to the $1,805 low. A clear move above the $1,950 and $1,975 resistance levels might call for a fresh move to $2,050. Any more gains could even send the price toward the $2,140 resistance zone or even $2,250 in the near term.
On the downside, initial support is near the $1,800 level. The next major support is now near the $1,770 level. A break below the $1,770 support could push the price to $1,720. If the bulls fail to protect the $1,720 support, the price might decline toward $1,650.
Looking at the chart, Ethereum price is trading below $1,900 and the 55 simple moving average (4 hours). Overall, Ether’s price could recover, but it is likely to face sellers near the $1,950 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,800, followed by the $1,770 zone.
Key Resistance$ Levels – $1,850 and $1,950.