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HomeAltcoin NewsEthereum Price Analysis: ETH Trims Gains, $4k Holds The Key

Ethereum Price Analysis: ETH Trims Gains, $4k Holds The Key

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  • Ethereum price started a fresh decline from $4,800 against the US Dollar.
  • ETH price is now trading below $4,500 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $4,580 on the 4-hours chart (data feed from Coinbase).
  • The pair could extend its decline towards the $4,100 and $4,000 levels.

Ethereum price is showing bearish signs below $4,500 against the US Dollar. ETH/USD could extend losses below the $4,200 level in the near term.

Ethereum Price Analysis

After a decent increase, ethereum faced sellers near the $4,800 zone against the US Dollar. ETH price formed a swing high near $4,770 and started a fresh decline.

There was a sharp decline below the $4,500 support and the 55 simple moving average (4-hours). Besides, there was a break below a major bullish trend line with support near $4,580 on the 4-hours chart. The pair gained pace below the $4,400 level.

It traded as low as $4,249 and is currently consolidating losses. An immediate resistance is near the $4,380 level. It is near the 23.6% Fib retracement level of the upward move from the $4,329 swing low to $4,825 high.

The main resistance is now forming near the $4,500 level. It is close to the 50% Fib retracement level of the upward move from the $4,329 swing low to $4,825 high. A close above the $4,500 level could open the doors for another increase.

The next major resistance for the bulls might be near the $4,650 level. Any more gains could lead the price towards the $4,800 level.

An immediate support on the downside is near the $4,250 level. The first major support is now near the $4,200 level. The next major support is near the $4,120 level. If there is a downside break below the $4,200 and $4,120 support levels, the price could retest $4,000. Any more losses could lead the price towards $3,800.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $4,500 zone and the 55 simple moving average (4-hours). Overall, ether price could extend its decline towards the $4,100 and $4,000 levels.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now 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 – $4,120, followed by the $4,000 zone.

Key Resistance$ Levels – $4,380 and $4,500.

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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