- Ethereum price started a fresh decline from well above $4,400 against the US Dollar.
- ETH price is now trading below $4,200 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $4,250 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $4,250 resistance zone.
Ethereum price is showing bearish signs below $4,250 against the US Dollar. ETH/USD could decline heavily if there is a clear break below the $4,000 support.
Ethereum Price Analysis
After tested the $4,000 support, ethereum attempted a fresh increase against the US Dollar. ETH price gained pace above the $4,200 level and $4,300.
The price even broke the $4,400 level, but upsides were limited. It faced sellers near $4,450 and the 55 simple moving average (4-hours). A high was formed near $4,438 and there was a fresh decline. The price traded as low as $4,024 and is currently consolidating losses.
It is trading near the $4,120 resistance zone. The 23.6% Fib retracement level of the recent decline from the $4,438 swing high to $4,024 low is also near $4,120.
An immediate resistance is near the $4,200 level. The main resistance is now forming near the $4,250 level. There is also a major bearish trend line forming with resistance near $4,250 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $4,438 swing high to $4,024 low.
A close above the $4,250 level could open the doors for another increase. The next major resistance for the bulls might be near the $4,450 level.
An immediate support on the downside is near the $4,050 level. The first major support is now near the $4,000 level. The next major support is near the $3,980 level. If there is a downside break below the $4,000 and $3,980 support levels, the price could test $3,750. Any more losses could lead the price towards $3,500.
Looking at the chart, Ethereum price is clearly trading below the $4,300 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase if it clears the $4,250 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly 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 – $4,050, followed by the $4,000 zone.
Key Resistance$ Levels – $4,250 and $4,450.