Ethereum Price Analysis: ETH Trims Gains, $4k Holds The Key
Ethereum price is showing bearish signs below $4,500 against the US Dollar. ETH/USD could extend losses below the $4,200 level in the near term.
Ethereum Price Analysis
After a decent increase, ethereum faced sellers near the $4,800 zone against the US Dollar. ETH price formed a swing high near $4,770 and started a fresh decline.
There was a sharp decline below the $4,500 support and the 55 simple moving average (4-hours). Besides, there was a break below a major bullish trend line with support near $4,580 on the 4-hours chart. The pair gained pace below the $4,400 level.
It traded as low as $4,249 and is currently consolidating losses. An immediate resistance is near the $4,380 level. It is near the 23.6% Fib retracement level of the upward move from the $4,329 swing low to $4,825 high.
The main resistance is now forming near the $4,500 level. It is close to the 50% Fib retracement level of the upward move from the $4,329 swing low to $4,825 high. A close above the $4,500 level could open the doors for another increase.
The next major resistance for the bulls might be near the $4,650 level. Any more gains could lead the price towards the $4,800 level.
An immediate support on the downside is near the $4,250 level. The first major support is now near the $4,200 level. The next major support is near the $4,120 level. If there is a downside break below the $4,200 and $4,120 support levels, the price could retest $4,000. Any more losses could lead the price towards $3,800.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below the $4,500 zone and the 55 simple moving average (4-hours). Overall, ether price could extend its decline towards the $4,100 and $4,000 levels.
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 – $4,120, followed by the $4,000 zone.
Key Resistance$ Levels – $4,380 and $4,500.
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