HomeAltcoin NewsEthereum Price Analysis: ETH Struggles Below $3K

Ethereum Price Analysis: ETH Struggles Below $3K

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  • 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.

Ethereum Price
Ethereum Price

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.

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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