HomeAltcoin NewsEthereum Price Analysis: ETH Retreats Lower From $2,700

Ethereum Price Analysis: ETH Retreats Lower From $2,700

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  • Ethereum price started a downside correction from the $2,700 resistance against the US Dollar.
  • ETH price is now trading below $2,550 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with support at $2,400 on the 4-hour chart (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $2,400 resistance zone.

Ethereum price is declining below $2,550 against the US Dollar. ETH/USD remains at a risk of more downsides below the $2,300 support zone.

Ethereum Price Analysis

In the past few weeks, Ethereum started a decent increase above the $2,320 resistance zone against the US Dollar. ETH price climbed above the $2,500 and $2,600 resistance levels.

Finally, it tested the $2,720 resistance zone. A high was formed near $2,718 before there was a downside correction. There was a move below the $2,550 support zone. The price even traded below the 50% Fib retracement level of the upward wave from the $2,168 swing low to the $2,718 high.

ETH is now trading below $2,550 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with support at $2,400 on the 4-hour chart.

On the upside, the price is now facing resistance near the $2,380 level. The first major resistance is near the $2,400 level. The next major resistance is near the $2,440 zone. A clear move above the $2,400 and $2,440 resistance levels might call for a fresh move to $2,550.

Any more gains could even send the price toward the $2,700 resistance zone or even $2,920 in the near term. On the downside, initial support is near the $2,300 level and the 76.4% Fib retracement level of the upward wave from the $2,168 swing low to the $2,718 high.

The next major support is now near the $2,200 level. A break below the $2,200 support could push the price to $2,120. If the bulls fail to protect the $2,120 support, the price might decline toward $2,075.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below $2,450 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $2,300 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 – $2,300, followed by the $2,200 zone.

Key Resistance Levels – $2,380 and $2,400.

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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