HomeAltcoin NewsEthereum Price Analysis: ETH Breaks Key Support, Could Revisit $2K

Ethereum Price Analysis: ETH Breaks Key Support, Could Revisit $2K

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  • Ethereum price failed to surpass $3,000 and started a fresh decline against the US Dollar.
  • ETH price is now trading below $2,600 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $2,780 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to continue lower towards $2,300 or even $2,000 in the near term.

Ethereum price is slowly moving lower below $2,500 against the US Dollar. ETH/USD could extend losses as long as it is below the $2,600 support zone.

Ethereum Price Analysis

Recently, ethereum made a few attempts to gain pace above $2,800 and $2,850 against the US Dollar. However, ETH failed to continue higher and started a fresh decline below $2,750.

There was a break below the $2,700 and $2,650 support levels. The bears were able to push the price below $2,600 and the 55 simple moving average (4-hours). There was also a break below a key bullish trend line with support near $2,780 on the 4-hours chart.

The pair is now trading below the 50% Fib retracement level of the upward move from the $2,188 swing low to $2,894 high.

An immediate support on the downside is near the $2,480 level. It is close to the 61.8% retracement level of the upward move from the $2,188 swing low to $2,894 high. The next major support is near the $2,300 level. Any more losses could set the pace for a drop towards the $2,000 support zone in the near term.

An immediate resistance on the upside is near the $2,580 level. The next major resistance is near the $2,620 level and the 55 simple moving average (4-hours). A clear break above the $2,620 zone could start a strong increase. In the stated case, the price could revisit the $2,800 resistance zone.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well below the $2,600 level and the 55 simple moving average (4-hours). Overall, ether price is likely to continue lower towards $2,300 or even $2,000 in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well below the 50 level.

Key Support Levels – $2,300, followed by the $2,000 zone.

Key Resistance Levels – $2,620 and $2,800.

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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