HomeAltcoin NewsEthereum Price Analysis: ETH Could Nosedive Below $2K

Ethereum Price Analysis: ETH Could Nosedive Below $2K

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  • Ethereum price started a fresh decline from the $2,500 zone against the US Dollar.
  • ETH price is now trading below $2,200 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $2,100 on the 4-hours chart (data feed from Coinbase).
  • The pair remains at a risk of more downsides towards the $1,650 support level.

Ethereum price is struggling below $2,200 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $2,200 resistance zone.

Ethereum Price Analysis

Recently, ethereum struggled to clear the $2,500 resistance against the US Dollar. ETH price started a fresh decline below the $2,350 level and moved into a bearish zone.

The pair settled below the $2,200 support and the 55 simple moving average (4-hours). Finally, it traded below the $2,000 level and tested the $1,700 zone. A low was formed near $1,701 and the price is now correcting losses. There was a move above the $1,850 and $2,000 resistance levels.

The price climbed above the 23.6% Fib retracement level of the downward move from the $2,970 swing high to $1,700 low. On the upside, the price is facing resistance near the $2,100 level and the 55 simple moving average (4-hours).

There is also a key bearish trend line forming with resistance near $2,100 on the 4-hours chart. The next major resistance is near the $2,160 or $2,200. The main resistance is now forming near the $2,335 level or the 50% Fib retracement level of the downward move from the $2,970 swing high to $1,700 low.

A clear move above the $2,335 level might start a steady increase. The next key resistance is near the $2,500 zone, above which the price might accelerate higher towards the $2,800 level.

On the downside, an initial support is near the $1,900 level. The next major support is now near the $1,850 level. A break below the $1,850 support could push the price to $1,720. Any more losses could lead the price towards $1,650 or even $1,500.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $2,200 zone and the 55 simple moving average (4-hours). Overall, ether price remains at a risk of more downsides towards the $1,650 support level.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,900, followed by the $1,720 zone.

Key Resistance$ Levels – $2,100 and $2,200.

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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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