Ethereum Price Analysis: ETH Revisits Key Support But Struggles
Ethereum price is declining below $1,900 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,800 support zone.
Ethereum Price Analysis
This past week, Ethereum struggled to clear the $2,050 resistance zone against the US Dollar. ETH price attempted a few times to clear the $2,050 level but failed.
A swing high was formed near $2,142 and the price started a fresh decline. There was a drop below the $1,920 and $1,900 support levels. The pair even spiked below the $1,850 support. A low is formed near $1,805 and the price is now consolidating losses.
It is now trading below $1,900 and the 55 simple moving average (4 hours). On the upside, the price is now facing resistance near the $1,850 level. There is also a major bearish trend line forming with resistance near $1,850 on the 4-hours chart.
The 23.6% Fib retracement level of the downward move from the $2,142 swing high to the $1,805 low is also above the trend line. The next major resistance is near the $1,950 level or the 55 simple moving average (4 hours).
The next major resistance is near the $1,975 zone or the 50% Fib retracement level of the downward move from the $2,142 swing high to the $1,805 low. A clear move above the $1,950 and $1,975 resistance levels might call for a fresh move to $2,050. Any more gains could even send the price toward the $2,140 resistance zone or even $2,250 in the near term.
On the downside, initial support is near the $1,800 level. The next major support is now near the $1,770 level. A break below the $1,770 support could push the price to $1,720. If the bulls fail to protect the $1,720 support, the price might decline toward $1,650.
Looking at the chart, Ethereum price is trading below $1,900 and the 55 simple moving average (4 hours). Overall, Ether’s price could recover, but it is likely to face sellers near the $1,950 resistance zone.
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 – $1,800, followed by the $1,770 zone.
Key Resistance$ Levels – $1,850 and $1,950.
Source: Read Full Article
