• 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.

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