Ethereum Price Analysis: ETH Could Nosedive Below $2K
Ethereum price is struggling below $2,200 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $2,200 resistance zone.
Ethereum Price Analysis
Recently, ethereum struggled to clear the $2,500 resistance against the US Dollar. ETH price started a fresh decline below the $2,350 level and moved into a bearish zone.
The pair settled below the $2,200 support and the 55 simple moving average (4-hours). Finally, it traded below the $2,000 level and tested the $1,700 zone. A low was formed near $1,701 and the price is now correcting losses. There was a move above the $1,850 and $2,000 resistance levels.
The price climbed above the 23.6% Fib retracement level of the downward move from the $2,970 swing high to $1,700 low. On the upside, the price is facing resistance near the $2,100 level and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $2,100 on the 4-hours chart. The next major resistance is near the $2,160 or $2,200. The main resistance is now forming near the $2,335 level or the 50% Fib retracement level of the downward move from the $2,970 swing high to $1,700 low.
A clear move above the $2,335 level might start a steady increase. The next key resistance is near the $2,500 zone, above which the price might accelerate higher towards the $2,800 level.
On the downside, an initial support is near the $1,900 level. The next major support is now near the $1,850 level. A break below the $1,850 support could push the price to $1,720. Any more losses could lead the price towards $1,650 or even $1,500.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below the $2,200 zone and the 55 simple moving average (4-hours). Overall, ether price remains at a risk of more downsides towards the $1,650 support level.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now 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 – $1,900, followed by the $1,720 zone.
Key Resistance$ Levels – $2,100 and $2,200.
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