HomeAltcoin NewsEthereum Price Analysis: ETH Turns Bearish Below $2,200

Ethereum Price Analysis: ETH Turns Bearish Below $2,200

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  • Ethereum price failed to stay above $2,500 and it extended its decline against the US Dollar.
  • ETH price is now trading well below $2,300 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $2,060 on the 4-hours chart (data feed from Coinbase).
  • The pair could correct higher, but it is likely to face resistance near $2,060 and $2,200.

Ethereum price is gaining bearish momentum below $2,200 against the US Dollar. ETH/USD remains at a risk of more downsides unless it reclaims $2,300.

Ethereum Price Analysis

Recently, ethereum failed to stay above the $2,500 support zone against the US Dollar. ETH price extended its decline and it traded below the key $2,200 support zone.

The price even broke the $2,000 support level. It is now trading well below $2,300 and the 55 simple moving average (4-hours). A low is formed near $1,857 and the price is now consolidating losses. An initial resistance on the upside is near the $2,050 level.

It is close to the 23.6% Fib retracement level of the recent decline from the $2,650 swing high to $1,857 low. There is also a major bearish trend line forming with resistance near $2,060 on the 4-hours chart.

On the upside, there is a major hurdle forming near $2,300. It is close to the 50% Fib retracement level of the recent decline from the $2,650 swing high to $1,857 low. A clear break above the $2,300 level and the 100 SMA could open the doors for a strong upward move.

On the downside, an immediate support is near the $1,850 level. The next major support is near the $1,800 level. Any more losses could set the pace for a drop towards the $1,770 support zone in the near term. The next key support for the bulls could be near the $1,500 in the coming sessions.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well below the $2,300 zone and the 55 simple moving average (4-hours). Overall, ether price could correct higher, but it is likely to face resistance near $2,060 and $2,200.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well below the 50 level.

Key Support Levels – $1,850, followed by the $1,500 zone.

Key Resistance Levels – $2,060 and $2,300.

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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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