HomeAltcoin NewsEthereum Price Analysis: ETH Facing Uphill Task, Could Extend Losses

Ethereum Price Analysis: ETH Facing Uphill Task, Could Extend Losses

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  • Ethereum price failed to surpass the $234 resistance area and trimmed gains against the US Dollar.
  • ETH price is now trading with a bearish angle and it is well below the $230 level.
  • There is a crucial bearish trend line forming with current resistance near $221 on the 4-hours chart (data feed from Coinbase).
  • The price could continue to decline unless the bulls manage to push the price above $234.

Ethereum price is showing bearish signs below $234 and $230 against the US Dollar. ETH price might continue to slide towards the $192 support level in the near term.

Ethereum Price Analysis

This past week, Ethereum price started a decent upside correction above $200 against the US Dollar. The ETH/USD pair traded above the $215 and $220 resistance levels to start the correction. The upward move was positive as the price even broke the $225 resistance level. Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $279 high to $189 low.

Finally, the price traded above the $230 level, but it faced a strong resistance near $234-235. It seems like the $234 resistance and the 55 simple moving average (4-hours) prevented more upsides. Additionally, the price was rejected near the 50% Fib retracement level of the last drop from the $279 high to $189 low. More importantly, there is a crucial bearish trend line forming with current resistance near $221 on the 4-hours chart.

At the outset, the price is trading well below the $320 level and the 55 simple moving average (4-hours). It seems to be struggling to clear the trend line and $234. Therefore, there is a risk of more losses below the $215 and $210 level. The price may perhaps break the $200 support and revisit the $192 support level in the near term.

On the flip side, the price must clear the $230 and $234 resistance levels to start a solid upward move. Moreover, a successful close above $234 and the 55 simple moving average (4-hours) is needed for a sustained upward move. The next key resistance is near the $258 and $260 levels.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is clearly facing a lot of hurdles near the $230 and $234 levels. As long as the price is below the $234 pivot level, there is a risk of a drop to $192.

Technical indicators

4 hours MACD – The MACD for ETH/USD is showing negative signs in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well below the 50 level.

Key Support Levels – $210, followed by the $192 zone.

Key Resistance Levels – $230 and $234.

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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