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HomeAltcoin NewsEthereum Price Analysis: ETH Revisits Key Support

Ethereum Price Analysis: ETH Revisits Key Support

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  • Ethereum price is struggling to climb above the $1,880 resistance against the US Dollar.
  • ETH price is now trading below $1,860 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $1,850 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it breaks the $1,835 support zone.

Ethereum price is declining below $1,850 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,835 support zone.

Ethereum Price Analysis

This past week, Ethereum struggled to clear the $1,880 resistance zone against the US Dollar. ETH price attempted a few times to clear the $1,880 level but failed.

A swing high was formed near $1,876 and the price started a fresh decline. There was a drop below the $1,860 and $1,850 support levels. There was a move below the 23.6% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.

The pair even spiked below the $1,840 support. It is now trading below $1,850 and the 55 simple moving average (4 hours). On the upside, the price is now facing resistance near the $1,850 level. There is also a major bearish trend line forming with resistance near $1,850 on the 4-hour chart.

The next major resistance is near the $1,880 level. The next major resistance is near the $1,900 zone. A clear move above the $1,880 and $1,900 resistance levels might call for a fresh move to $1,950. Any more gains could even send the price toward the $2,000 resistance zone or even $2,050 in the near term.

On the downside, initial support is near the $1,835 level. It is close to the 50% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.

The next major support is now near the $1,800 level. A break below the $1,800 support could push the price to $1,720. If the bulls fail to protect the $1,720 support, the price might decline toward $1,650.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below $1,850 and the 55 simple moving average (4 hours). Overall, ether price could continue to move down if it breaks the $1,835 support 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 – $1,835, followed by the $1,800 zone.

Key Resistance$ Levels – $1,850 and $1,880.

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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