HomeAltcoin NewsEthereum Price Analysis: ETH Dives Below $3K

Ethereum Price Analysis: ETH Dives Below $3K

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  • Ethereum price started a fresh decline from well above $3,000 against the US Dollar.
  • ETH price is now trading below $3,000 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $2,930 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to move down if it fails to stay above the $2,480 support zone.

Ethereum price is gaining bearish momentum below $3,000 against the US Dollar. ETH/USD remains at a risk of more downsides below the $2,500 level.

Ethereum Price Analysis

Recently, ethereum saw a major bearish move from well above the $3,000 level against the US Dollar. ETH price traded below the $2,950 support zone and the 55 simple moving average (4-hours).

There was a break below a major bullish trend line with support near $2,930 on the 4-hours chart. The bears gained strength for a move below the $2,800 level. The price even declined below the $2,675 support and now approaching the $2,500 support.

The next major support is now near the $2,480 level. A break below the $2,480 support could push the price to $2,350. Any more losses could lead the price towards $2,340. The next major support is near the $2,100, where the bulls might take a stand.

On the upside, the price is facing resistance near the $2,600 level or the 23.6% Fib retracement level of the recent decline from the $3,199 swing high to $2,512 swing low.

The first major resistance is now forming near the $2,855 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $3,199 swing high to $2,512 swing low. A close above the $2,855 level could start another increase. The next major stop for the bulls could be near the $3,000 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $3,050 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it fails to stay above the $2,480 support zone.

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 – $2,480, followed by the $2,350 zone.

Key Resistance$ Levels – $2,760 and $2,855.

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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