- Ethereum price started a fresh decline from the $1,780 zone against the US Dollar.
- ETH price is now trading below $1,500 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1,390 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh increase unless there is a clear move below the $1,280 zone.
Ethereum price is struggling below $1,500 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,280 zone.
Ethereum Price Analysis
This past week, ethereum faced a rejection near the $1,780 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,600 level.
There was a clear move below the $1,550 and $1,520 support levels. The pair accelerated lower below the $1,400 level and the 55 simple moving average (4-hours). It traded as low as $1,279 and recently started an upside correction.
There was a clear move above the $1,350 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $1,789 swing high to $1,279 low.
The price is now consolidating losses above the $1,350 level. An immediate resistance is near the $1,390 level. There is also a key bearish trend line forming with resistance near $1,390 on the 4-hours chart. The next major resistance is near the $1,475 zone, above which the price could test the 50% Fib retracement level of the downward move from the $1,789 swing high to $1,279 low.
Any more gains could even send the price above the $1,680 resistance zone. On the downside, an initial support is near the $1,320 level. The next major support is now near the $1,280 level.
A break below the $1,280 support could push the price to $1,200. Any more losses could lead the price towards $1,150 or even $1,100 in the coming days.
Looking at the chart, Ethereum price is clearly trading below the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,280 zone.
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 – $1,320, followed by the $1,280 zone.
Key Resistance$ Levels – $1,380 and $1,475.
