- Ethereum price started a fresh decline from the $3,150 zone against the US Dollar.
- ETH price is now trading below $3,100 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $3,040 on the 4-hours chart (data feed from Coinbase).
- The pair must clear $3,100 to start a fresh increase in the near term.
Ethereum price is struggling below $3,100 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $3,100 resistance zone.
Ethereum Price Analysis
Recently, ethereum struggled to stay above the $3,150 support zone against the US Dollar. ETH price started a fresh decline below the $3,100 level and moved into a bearish zone.
The pair even declined below the $3,000 level and settled below the 55 simple moving average (4-hours). A low was formed $2,880 and the price started a fresh increase. There was a move above the $2,985 and $3,000 resistance levels.
The price climbed above the 23.6% Fib retracement level of the downward move from the $3,309 swing high to $2,880 low. There was also a break above a key bearish trend line with resistance near $3,040 on the 4-hours chart.
The pair spiked above $3,080 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $3,095 level. It is near the 50% Fib retracement level of the downward move from the $3,309 swing high to $2,880 low.
A clear move above the $3,095 level might start a steady increase. The next key resistance is near the $3,300 zone, above which the price might accelerate higher towards the $3,450 level.
On the downside, an initial support is near the $3,025 level. The next major support is now near the $3,000 level. A break below the $3,000 support could push the price to $2,880. Any more losses could lead the price towards $2,750 or even $2,700.
Looking at the chart, Ethereum price is clearly trading below the $3,100 zone and the 55 simple moving average (4-hours). Overall, ether price must clear $3,100 to start a fresh increase in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $3,025, followed by the $3,000 zone.
Key Resistance$ Levels – $3,095 and $3,165.
