- Ethereum price is struggling to clear the $1,250 resistance zone against the US Dollar.
- ETH price is now trading near $1,200 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1,225 on the 4-hours chart (data feed from Coinbase).
- The pair could start a recovery wave if it clears the $1,235 resistance zone.
Ethereum price is struggling below $1,250 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,100 zone.
Ethereum Price Analysis
This past week, ethereum faced a rejection near the $1,235 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,220 level.
There was a clear move below the $1,200 and $1,180 support levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $1,073 swing low to $1,234 high. The price is now trading near $1,200 and the 55 simple moving average (4-hours).
An immediate resistance is near the $1,200 level. The next major resistance is near the $1,225 zone. There is also a major bearish trend line forming with resistance near $1,225 on the 4-hours chart.
A clear move above the $1,225 and $1,235 resistance levels might call for a decent increase to $1,300. Any more gains could even send the price above the $1,390 resistance zone.
On the downside, an initial support is near the $1,155 level. It is near the 50% Fib retracement level of the upward move from the $1,073 swing low to $1,234 high. The next major support is now near the $1,100 level. A break below the $1,100 support could push the price to $1,075.
If the bulls struggle to protect the $1,075 support, the price might decline towards $1,000. Any more losses could lead the price towards $880 or even $800.
Looking at the chart, Ethereum price is clearly trading near the $1,200 zone and the 55 simple moving average (4-hours). Overall, ether price could start a recovery wave if it clears the $1,235 resistance 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 near the 50 level.
Key Support Levels – $1,155, followed by the $1,100 zone.
Key Resistance$ Levels – $1,235 and $1,295.
