- Ethereum price started a fresh decline from the $3,180 zone against the US Dollar.
- ETH price is now trading near $3,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $3,050 on the 4-hours chart (data feed from Coinbase).
- The pair must clear $3,050 to start a fresh increase in the near term.
Ethereum price is struggling below $3,050 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $3,050 resistance zone.
Ethereum Price Analysis
Recently, ethereum struggled to clear the $3,180 resistance against the US Dollar. ETH price started a fresh decline below the $3,050 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 $2,797 and the price started a fresh increase. There was a move above the $2,855 and $2,950 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $3,179 swing high to $2,797 low. It is now trading near $3,000 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $3,050 level. There is also a major bearish trend line forming with resistance near $3,050 on the 4-hours chart. The trend line is near the 61.8% Fib retracement level of the downward move from the $3,179 swing high to $2,797 low.
A clear move above the $3,050 level might start a steady increase. The next key resistance is near the $3,180 zone, above which the price might accelerate higher towards the $3,250 level.
On the downside, an initial support is near the $2,955 level. The next major support is now near the $2,880 level. A break below the $2,880 support could push the price to $2,800. Any more losses could lead the price towards $2,720 or even $2,650.
Looking at the chart, Ethereum price is clearly trading near the $3,000 zone and the 55 simple moving average (4-hours). Overall, ether price must clear $3,050 to start a fresh increase in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing 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 – $2,955, followed by the $2,880 zone.
Key Resistance$ Levels – $3,050 and $3,180.
