- Ethereum price started a fresh decline from well above $3,000 against the US Dollar.
- ETH price is now trading below $2,800 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $2,590 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to move down if it fails to stay above the $2,445 support zone.
Ethereum price is gaining bearish momentum below $2,800 against the US Dollar. ETH/USD remains at a risk of more downsides below the $2,445 level.
Ethereum Price Analysis
Recently, ethereum saw a major bearish move from well above the $2,880 level against the US Dollar. ETH price traded below the $2,750 support zone and the 55 simple moving average (4-hours).
The bears gained strength for a move below the $2,620 level. The price even declined below the $2,500 support and traded as low as $2,445. It is now consolidating losses and trading above the $2,500 level. On the upside, the price is facing resistance near the $2,600 level
There is also a key bearish trend line forming with resistance near $2,590 on the 4-hours chart. The trend line is near the 23.6% Fib retracement level of the recent decline from the $3,045 swing high to $2,445 swing low.
The first major resistance is now forming near the $2,750 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $3,045 swing high to $2,445 swing low. A close above the $2,750 level could start another increase.
The next major stop for the bulls could be near the $2,880 level. If not, there is a risk of more losses below the $2,500 level. The next major support is now near the $2,445 level. A break below the $2,445 support could push the price to $2,350. Any more losses could lead the price towards $2,250 or even $2,120.
Looking at the chart, Ethereum price is clearly trading below the $2,800 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it fails to stay above the $2,445 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 – $2,445, followed by the $2,350 zone.
Key Resistance$ Levels – $2,600 and $2,750.
