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HomeAltcoin NewsEthereum Price Analysis: ETH Struggles Near Key Support

Ethereum Price Analysis: ETH Struggles Near Key Support

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  • Ethereum price started a fresh decline from the $2,000 zone against the US Dollar.
  • ETH price is now trading below $1,700 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $1,840 on the 4-hours chart (data feed from Coinbase).
  • The pair could start a fresh increase unless there is a clear move below the $1,520 zone.

Ethereum price is struggling below $1,700 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,525 zone.

Ethereum Price Analysis

This past week, ethereum faced a rejection near the $2,000 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,880 level.

There was a clear move below the $1,750 and $1,700 support levels. Besides, there was a break below a major bullish trend line with support near $1,840 on the 4-hours chart. The pair accelerated lower below the $1,650 level and the 55 simple moving average (4-hours).

The price is now consolidating losses above the $1,525 level. An immediate resistance is near the $1,640 level. It is near the 23.6% Fib retracement level of the downward move from the $2,031 swing high to $1,523 low.

The next major resistance is near the $1,770 zone and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $2,031 swing high to $1,523 low. Any more gains could even send the price above the $1,850 resistance zone.

On the downside, an initial support is near the $1,550 level. The next major support is now near the $1,525 level. A break below the $1,525 support could push the price to $1,385. Any more losses could lead the price towards $1,250 or even $1,200 in the coming days.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $1,800 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,520 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 – $1,525, followed by the $1,385 zone.

Key Resistance$ Levels – $1,640 and $1,770.

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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