Ethereum price started a downside correction from the ,100 resistance against the US Dollar. ETH price is now trading below ,750 and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support at ,640 on the 4-hour chart (data feed from Coinbase). The pair could start a fresh increase if it clears the ,650 resistance zone. Ethereum price is declining below ,550 against the US Dollar. ETH/USD remains at a risk of more downsides below the ,400 support zone. Ethereum Price Analysis In the past few weeks, Ethereum started a decent increase above the ,350 resistance zone against the US Dollar. ETH price climbed above the ,500 and ,800 resistance levels. Finally, it tested the ,100 resistance zone. A high
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, News, Trading
This could be interesting, too:
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
Bilal Hassan writes FTX Announces January 2025 as Effective Date for Reorganization Plan
- Ethereum price started a downside correction from the $4,100 resistance against the US Dollar.
- ETH price is now trading below $3,750 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $3,640 on the 4-hour chart (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $3,650 resistance zone.
Ethereum price is declining below $3,550 against the US Dollar. ETH/USD remains at a risk of more downsides below the $3,400 support zone.
Ethereum Price Analysis
In the past few weeks, Ethereum started a decent increase above the $3,350 resistance zone against the US Dollar. ETH price climbed above the $3,500 and $3,800 resistance levels.
Finally, it tested the $4,100 resistance zone. A high was formed near $4,093 before there was a downside correction. There was a move below the $3,650 support zone. The price even traded below the 50% Fib retracement level of the upward wave from the $3,205 swing low to the $4,093 high.
There was also a break below a key bullish trend line with support at $3,640 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 $3,540 level. The first major resistance is near the $3,650 level. The next major resistance is near the $3,750 zone. A clear move above the $3,650 and $3,750 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 $3,400 level and the 76.4% Fib retracement level of the upward wave from the $3,205 swing low to the $4,093 high.
The next major support is now near the $3,300 level. A break below the $3,300 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 $3,650 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $3,400 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 – $3,400, followed by the $3,200 zone.
Key Resistance Levels – $3,550 and $3,650.