Ethereum Price Analysis: ETH Faces Uphill Task
Ethereum price is struggling below $3,000 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $3,000 resistance zone.
Ethereum Price Analysis
Recently, ethereum struggled to clear the $3,000 resistance against the US Dollar. ETH price started a fresh decline below the $2,950 level and moved into a bearish zone.
The pair even declined below the $2,880 level and settled below the 55 simple moving average (4-hours). A low was formed $2,716 and the price started an upside correction. There was a move above the $2,800 and $2,820 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $2,981 swing high to $2,716 low. It is now trading near $2,850 and the 55 simple moving average (4-hours).
On the upside, the price is facing resistance near the $2,880 level. There is also a crucial bearish trend line forming with resistance near $2,870 on the 4-hours chart. The trend line is near the 61.8% Fib retracement level of the downward move from the $2,981 swing high to $2,716 low.
A clear move above the $2,880 level might start a steady increase. The next key resistance is near the $2,980 zone, above which the price might accelerate higher towards the $3,120 level.
On the downside, an initial support is near the $2,800 level. The next major support is now near the $2,780 level. A break below the $2,780 support could push the price to $2,715. Any more losses could lead the price towards $2,620 or even $2,550.
Looking at the chart, Ethereum price is clearly trading below the $2,900 zone and the 55 simple moving average (4-hours). Overall, ether price must clear $2,870 and $2,980 to start a fresh increase in the near term.
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $2,800, followed by the $2,780 zone.
Key Resistance$ Levels – $2,880 and $2,980.
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