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HomeAltcoin NewsEthereum Price Analysis: ETH Recovery Faces Hurdles

Ethereum Price Analysis: ETH Recovery Faces Hurdles

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  • Ethereum price started a fresh decline from the $1,780 zone against the US Dollar.
  • ETH price is now trading below $1,500 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $1,390 on the 4-hours chart (data feed from Coinbase).
  • The pair could start a fresh increase unless there is a clear move below the $1,280 zone.

Ethereum price is struggling below $1,500 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,280 zone.

Ethereum Price Analysis

This past week, ethereum faced a rejection near the $1,780 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,600 level.

There was a clear move below the $1,550 and $1,520 support levels. The pair accelerated lower below the $1,400 level and the 55 simple moving average (4-hours). It traded as low as $1,279 and recently started an upside correction.

There was a clear move above the $1,350 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $1,789 swing high to $1,279 low.

The price is now consolidating losses above the $1,350 level. An immediate resistance is near the $1,390 level. There is also a key bearish trend line forming with resistance near $1,390 on the 4-hours chart. The next major resistance is near the $1,475 zone, above which the price could test the 50% Fib retracement level of the downward move from the $1,789 swing high to $1,279 low.

Any more gains could even send the price above the $1,680 resistance zone.  On the downside, an initial support is near the $1,320 level. The next major support is now near the $1,280 level.

A break below the $1,280 support could push the price to $1,200. Any more losses could lead the price towards $1,150 or even $1,100 in the coming days.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,280 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 – $1,320, followed by the $1,280 zone.

Key Resistance$ Levels – $1,380 and $1,475.

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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