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HomeAltcoin NewsEthereum Price Analysis: ETH Bears Active Near $1,280

Ethereum Price Analysis: ETH Bears Active Near $1,280

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  • Ethereum price started a recovery wave from the $880 zone against the US Dollar.
  • ETH price is now trading above $1,100 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1,240 on the 4-hours chart (data feed from Coinbase).
  • The pair could struggle to clear the $1,240 and $1,280 resistance levels in the near term.

Ethereum price is struggling below $1,280 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $1,280 resistance zone.

Ethereum Price Analysis

Earlier, ethereum struggled to clear the $1,280 resistance against the US Dollar. ETH price started a fresh decline below the $1,200 level and moved into a bearish zone.

The pair settled below the $1,250 support and the 55 simple moving average (4-hours). Finally, it traded below the $1,000 level and tested the $880 zone. A low was formed near $879 and the price started an upside correction. There was a move above the $950 and $1,000 resistance levels.

The price even moved above the 23.6% Fib retracement level of the key decline from the $1,920 swing high to $880 low. It is now trading above $1,100 and the 55 simple moving average (4-hours).

However, the bears seem to be active near the $1,280 resistance zone. An immediate resistance is near the $1,240 level. The next major resistance is near the $1,280 zone or $1,300. There is also a major bearish trend line forming with resistance near $1,240 on the 4-hours chart.

The main hurdle is now forming near the $1,300 zone. A clear move above the $1,300 level might start a steady increase. The next key resistance is near the $1,400 zone. It is near the 50% Fib retracement level of the key decline from the $1,920 swing high to $880 low.

On the downside, an initial support is near the $1,140 level. The next major support is now near the $1,100 level. A break below the $1,100 support could push the price to $1,000. Any more losses could lead the price towards $800 or even $750.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,200 zone and the 55 simple moving average (4-hours). Overall, ether price could struggle to clear the $1,240 and $1,280 resistance levels in the near term.

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 – $1,140, followed by the $1,100 zone.

Key Resistance$ Levels – $1,280 and $1,300.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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