HomeAltcoin NewsEthereum Price Analysis: ETH Could Take A Major Hit

Ethereum Price Analysis: ETH Could Take A Major Hit

-

- Ad -
  • Ethereum price is struggling below the $1,650 resistance against the US Dollar.
  • ETH price is now trading below $1,660 and the 55 simple moving average (4 hours).
  • There is a connecting bearish trend line forming with resistance near $1,650 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it stays below $1,650 and $1,660.

Ethereum price is declining below $1,660 against the US Dollar. ETH/USD remains at a risk of more downsides if it breaks the $1,600 support zone.

Ethereum Price Analysis

This past week, Ethereum found support near the $1,580 zone against the US Dollar. ETH price formed a base and started a recovery wave above the $1,600 level.

There was a decent recovery wave above the $1,650 level. However, the bears were active near the $1,745 level. A high was formed near $1,745 and the price saw a fresh decline. It traded below $1,650 and retested the $1,600 support zone.

A low is formed near $1,601 and the price is now consolidating losses. ETH is now trading below $1,660 and the 55 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $1,650 on the 4-hour chart.

On the upside, the price is now facing resistance near the $1,635 level. It is close to the 23.6% Fib retracement level of the downward move from the $1,745 swing high to the $1,601 low.

The next major resistance is near the $1,650 level and the trend line, above which the price could test the 55 simple moving average (4 hours) at $1,660. A clear move above the $1,660 resistance could send the price toward $1,700 or the 61.8% Fib retracement level of the downward move from the $1,745 swing high to the $1,601 low.

On the downside, initial support is near the $1,600 level. The next major support is now near the $1,580 level. A break below the $1,580 support could push the price to $1,540. If the bulls fail to protect the $1,540 support, the price might decline toward $1,450.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading below $1,650 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $1,650 and $1,660.

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 – $1,600, followed by the $1,540 zone.

Key Resistance$ Levels – $1,650 and $1,660.

- Ad -
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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular