HomeAltcoin NewsEthereum Price Analysis: ETH Tumbles Below $1,200

Ethereum Price Analysis: ETH Tumbles Below $1,200

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  • Ethereum price started a fresh decline below the $1,500 support against the US Dollar.
  • ETH price is now trading below $1,500 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1,550 on the 4-hours chart (data feed from Coinbase).
  • The pair could extend decline below the $1,080 support level in the near term.

Ethereum price is struggling below $1,500 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $1,500 resistance zone.

Ethereum Price Analysis

Earlier, ethereum struggled to clear the $1,800 resistance against the US Dollar. ETH price started a fresh decline below the $1,500 level and moved into a bearish zone.

The pair settled below the $1,350 support and the 55 simple moving average (4-hours). Finally, it traded below the $1,200 level and tested the $1,080 zone. A low was formed near $1,075 and the price is now consolidating losses.

On the upside, the price is facing resistance near the $1,280 level. It is near the 23.6% Fib retracement level of the downward move from the $1,918 swing high to $1,075 low. The next major resistance is near the $1,425 or $1,500.

There is also a major bearish trend line forming with resistance near $1,550 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the downward move from the $1,918 swing high to $1,075 low.

A clear move above the $1,500 level might start a steady increase. The next key resistance is near the $1,600 zone, above which the price might accelerate higher towards the $1,800 level.

On the downside, an initial support is near the $1,080 level. The next major support is now near the $1,000 level. A break below the $1,000 support could push the price to $920. Any more losses could lead the price towards $850 or even $800.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $1,500 zone and the 55 simple moving average (4-hours). Overall, ether price could extend decline below the $1,080 support level in the near term.

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 – $1,080, followed by the $1,000 zone.

Key Resistance$ Levels – $1,280 and $1,500.

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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