Ethereum price started a downside correction from the ,680 resistance against the US Dollar. ETH price is now trading below ,550 and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support at ,535 on the 4-hour chart (data feed from Coinbase). The pair could start a fresh increase if it clears the ,550 resistance zone. Ethereum price is declining below ,550 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,300 support zone. Ethereum Price Analysis In the past few days, Ethereum started a decent increase above the ,450 resistance zone against the US Dollar. ETH price climbed above the ,500 and ,550 resistance levels. Finally, it tested the ,680 resistance zone. A high
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, News, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Ethereum price started a downside correction from the $3,680 resistance against the US Dollar.
- ETH price is now trading below $3,550 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $3,535 on the 4-hour chart (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $3,550 resistance zone.
Ethereum price is declining below $3,550 against the US Dollar. ETH/USD remains at a risk of more downsides below the $3,300 support zone.
Ethereum Price Analysis
In the past few days, Ethereum started a decent increase above the $3,450 resistance zone against the US Dollar. ETH price climbed above the $3,500 and $3,550 resistance levels.
Finally, it tested the $3,680 resistance zone. A high was formed near $3,681 before there was a downside correction. There was a move below the $3,550 support zone. The price even traded below the 50% Fib retracement level of the upward wave from the $3,057 swing low to the $3,680 high.
There was also a break below a key bullish trend line with support at $3,535 on the 4-hour chart. ETH is now trading below $3,550 and the 55 simple moving average (4 hours).
On the upside, the price is now facing resistance near the $3,500 level. The first major resistance is near the $3,550 level. The next major resistance is near the $3,680 zone. A clear move above the $3,650 and $3,680 resistance levels might call for a fresh move to $3,880.
Any more gains could even send the price toward the $4,000 resistance zone or even $4,100 in the near term. On the downside, initial support is near the $3,300 level and the 61.8% Fib retracement level of the upward wave from the $3,057 swing low to the $3,680 high.
The next major support is now near the $3,200 level. A break below the $3,200 support could push the price to $3,050. If the bulls fail to protect the $3,050 support, the price might decline toward $2,880.
Looking at the chart, Ethereum price is clearly trading below $3,550 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $3,300 support 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 – $3,300, followed by the $3,200 zone.
Key Resistance Levels – $3,500 and $3,550.