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HomeAltcoin NewsEthereum Price Analysis: ETH Revisits Support As Bears Take Control

Ethereum Price Analysis: ETH Revisits Support As Bears Take Control

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  • Ethereum price is struggling below the $3,400 resistance against the US Dollar.
  • ETH price is now trading below $3,320 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $3,200 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it stays below $3,200 and $3,320.

Ethereum price is declining below $3,400 against the US Dollar. ETH/USD remains at a risk of more downsides if it fails to recover above $3,320.

Ethereum Price Analysis

This past week, Ethereum struggled to stay above the $3,500 level against the US Dollar. ETH price started a fresh decline and traded below the $3,400 pivot level.

It traded below $3,320 and $3,200 support levels to enter a bearish zone. There was also a break below the $3,000 level. A low is formed near $2,850 and the price is now correcting losses. ETH is now trading below $3,320 and the 55 simple moving average (4 hours).

There is also a key bearish trend line forming with resistance near $3,200 on the 4-hour chart. The trend line is near the 50% Fib retracement level of the downward move from the $3,729 swing high to the $2,850 low.

On the upside, the price is now facing resistance near the $3,200 level and the trend line. The next major resistance is near the $3,320 level. The main resistance is now forming near the $3,400 level. It is close to the 61.8% Fib retracement level of the downward move from the $3,729 swing high to the $2,850 low, above which the price could test the $3,550 resistance.

A clear move above the $3,550 resistance could send the price toward $3,750. On the downside, initial support is near the $3,050 level. The next major support is now near the $2,980 level. A break below the $2,980 support could push the price to $2,850. If the bulls fail to protect the $2,850 support, the price might decline toward $2,550.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is trading below $3,320 and the 55 simple moving average (4 hours). Overall, Ether’s price could continue to move down if it stays below $3,200 and $3,320.

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 – $3,050, followed by the $2,850 zone.

Key Resistance$ Levels – $3,200 and $3,320.

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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