- Ethereum price started a downside correction from the $1,750 resistance against the US Dollar.
- ETH price is now trading above $1,640 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $1,640 on the 4-hour chart (data feed from Coinbase).
- The pair could continue to move down if it breaks the $1,635 support zone.
Ethereum price is declining below $1,750 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,635 support zone.
Ethereum Price Analysis
This past week, Ethereum started a decent increase above the $1,600 resistance zone against the US Dollar. ETH price climbed above the $1,640 and $1,700 resistance levels.
Finally, it tested the $1,750 resistance zone. A high was formed near $1,755 before there was a downside correction. There was a move below the $1,720 support zone. The price even spiked below the 50% Fib retracement level of the upward move from the $1,563 swing low to the $1,755 high.
ETH is now trading above $1,640 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $1,640 on the 4-hour chart.
On the upside, the price is now facing resistance near the $1,700 level. The next major resistance is near the $1,720 level. The next major resistance is near the $1,750 zone. A clear move above the $1,720 and $1,750 resistance levels might call for a fresh move to $1,850.
Any more gains could even send the price toward the $1,920 resistance zone or even $2,000 in the near term. On the downside, initial support is near the $1,640 level and the trend line.
The next major support is now near the $1,635 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,563 swing low to the $1,755 high. A break below the $1,635 support could push the price to $1,600. If the bulls fail to protect the $1,550 support, the price might decline toward $1,500.
Looking at the chart, Ethereum price is clearly trading above $1,640 and the 55 simple moving average (4 hours). Overall, ether price could continue to move down if it breaks the $1,635 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 – $1,635, followed by the $1,600 zone.
Key Resistance Levels – $1,700 and $1,750.
