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HomeAltcoin NewsEthereum Price Analysis: ETH Dips Again But Bulls Remain Active

Ethereum Price Analysis: ETH Dips Again But Bulls Remain Active

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  • Ethereum price started a downside correction from the $3,350 resistance against the US Dollar.
  • ETH price is now trading near $3,200 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $3,125 on the 4-hour chart (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $3,350 resistance zone.

Ethereum price is declining below $3,250 against the US Dollar. ETH/USD remains at a risk of more downsides below the $3,125 support zone.

Ethereum Price Analysis

In the past few days, Ethereum started a decent increase above the $3,200 resistance zone against the US Dollar. ETH price climbed above the $3,300 and $3,320 resistance levels.

Finally, it tested the $3,350 resistance zone. A high was formed near $3,356 before there was a downside correction. There was a move below the $3,300 support zone. The price even traded below the 23.6% Fib retracement level of the upward wave from the $2,865 swing low to the $3,356 high.

ETH is now trading near $3,200 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $3,125 on the 4-hour chart.

On the upside, the price is now facing resistance near the $3,240 level. The first major resistance is near the $3,350 level. The next major resistance is near the $3,500 zone. A clear move above the $3,500 resistance level might call for a fresh move to $3,680.

Any more gains could even send the price toward the $3,800 resistance zone or even $4,000 in the near term. On the downside, initial support is near the $3,125 level or the trend line and the 50% Fib retracement level of the upward wave from the $2,865 swing low to the $3,356 high.

The next major support is now near the $3,000 level. A break below the $3,000 support could push the price to $2,920. If the bulls fail to protect the $2,920 support, the price might decline toward $2,865.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading near $3,200 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $3,125 support zone.

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 – $3,125, followed by the $3,000 zone.

Key Resistance Levels – $3,240 and $3,350.

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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