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HomeAltcoin NewsEthereum Price Analysis: ETH Testing Crucial Support

Ethereum Price Analysis: ETH Testing Crucial Support

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  • Ethereum price started a fresh decline from the $4,150 resistance against the US Dollar.
  • ETH price is now trading just below $4,000 and the 55 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $3,925 on the 4-hours chart (data feed from Coinbase).
  • The pair could start a major decline if there is a clear break below $3,900.

Ethereum price is correcting from $4,150 against the US Dollar. ETH/USD remains at a risk of a sharp decline if there is a clear break below $3,900.

Ethereum Price Analysis

Recently, ethereum saw a fresh decline from well above $4,080 against the US Dollar. ETH price formed a high near the $4,150 level and started a major decline.

There was a move below the $4,050 and $4,000 support levels. The price traded below the 23.6% Fib retracement level of the upward move from the $3,659 low to $4,157 high. It is now trading just below $4,000 and the 55 simple moving average (4-hours).

An immediate support on the downside is near the $3,925 level. There is also a crucial bullish trend line forming with support near $3,925 on the 4-hours chart.

The trend line is close to the 50% Fib retracement level of the upward move from the $3,659 low to $4,157 high. The next major support is now near the $3,850 level, below which the price could test $3,750. Any more losses could lead the price towards $3,500.

On the upside, the price is facing resistance near the $4,000 level. The main hurdle is now forming near the $4,020 level and the 55 simple moving average (4-hours). Any more gains could send the price towards the $4,150 level. The next major stop for the bulls could be near the $4,250 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $4,000 zone and the 55 simple moving average (4-hours). Overall, ether price could start a major decline if there is a clear break below $3,900.

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 – $3,925, followed by the $3,750 zone.

Key Resistance$ Levels – $4,000 and $4,150.

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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