HomeAltcoin NewsEthereum Price Analysis: ETH Turns Bearish Below $2.8K

Ethereum Price Analysis: ETH Turns Bearish Below $2.8K

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  • Ethereum price started a fresh decline from the $3,200 resistance against the US Dollar.
  • ETH price is now trading below $2,800 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $2,500 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to move down below the $2,200 support zone.

Ethereum price is struggling below $2,500 against the US Dollar. ETH/USD remains at a risk of a sharp decline if there is a clear break below $2,200.

Ethereum Price Analysis

Recently, ethereum saw a fresh decline from the $3,200 zone against the US Dollar. ETH price formed a high near the $3,271 level and started a fresh decline.

There was a move below the $3,000 and $2,800 support levels. The bears gained strength for a move below the $2,500 level. The price traded as low as $2,159 and settled below the 55 simple moving average (4-hours). It is now correcting higher and trading above $2,300.

There was a move above the 23.6% Fib retracement level of the downward move from the $3,271 swing high to $2,159 low. On the upside, the price is facing resistance near the $2,450 level.

The first major resistance is now forming near the $2,500 level. There is also a major bearish trend line forming with resistance near $2,500 on the 4-hours chart.  A close above the $2,500 level could start a decent increase. The next major stop for the bulls could be near the $2,700 level.

It is near the 50% Fib retracement level of the downward move from the $3,271 swing high to $2,159 low. If there is no upside break above $2,500, the price could move down.

An immediate support on the downside is near the $2,350 level. The next major support is now near the $2,200 level. A break below the $2,200 support could push the price to $2,050. Any more losses could lead the price towards $2,000. The next major support is near the $1,820, where the bulls might take a stand.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $2,800 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down below the $2,200 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly 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 – $2,320, followed by the $2,200 zone.

Key Resistance$ Levels – $2,500 and $2,700.

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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