- Ethereum price started a fresh decline from the $1,350 zone against the US Dollar.
- ETH price is now trading below $1,200 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1,210 on the 4-hours chart (data feed from Coinbase).
- The pair could start a recovery wave if it clears the $1,240 resistance zone.
Ethereum price is struggling below $1,300 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,000 zone.
Ethereum Price Analysis
This past week, ethereum faced a rejection near the $1,300 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,250 level.
There was a clear move below the $1,220 and $1,200 support levels. The pair accelerated lower below the $1,200 level and the 55 simple moving average (4-hours). There was a move below the $1,120 level as well. It traded as low as $1,080 and is currently consolidating losses.
It is now trading below $1,200 and the 55 simple moving average (4-hours). An immediate resistance is near the $1,155 level. It is near the 50% Fib retracement level of the downward move from the $1,231 swing high to $1,080 low.
The next major resistance is near the $1,200 zone. There is also a major bearish trend line forming with resistance near $1,210 on the 4-hours chart. The trend line is near the 76.4% Fib retracement level of the downward move from the $1,231 swing high to $1,080 low.
A clear move above the $1,220 and $1,240 resistance levels might call for a decent increase to $1,300. Any more gains could even send the price above the $1,400 resistance zone.
On the downside, an initial support is near the $1,080 level. The next major support is now near the $1,000 level. A break below the $1,000 support could push the price to $920. Any more losses could lead the price towards $880 or even $800.
Looking at the chart, Ethereum price is clearly trading below the $1,200 zone and the 55 simple moving average (4-hours). Overall, ether price could start a recovery wave if it clears the $1,240 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 – $1,080, followed by the $1,000 zone.
Key Resistance$ Levels – $1,200 and $1,240.
