- Ethereum price started a recovery wave from the $880 zone against the US Dollar.
- ETH price is now trading above $1,100 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1,240 on the 4-hours chart (data feed from Coinbase).
- The pair could struggle to clear the $1,240 and $1,280 resistance levels in the near term.
Ethereum price is struggling below $1,280 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $1,280 resistance zone.
Ethereum Price Analysis
Earlier, ethereum struggled to clear the $1,280 resistance against the US Dollar. ETH price started a fresh decline below the $1,200 level and moved into a bearish zone.
The pair settled below the $1,250 support and the 55 simple moving average (4-hours). Finally, it traded below the $1,000 level and tested the $880 zone. A low was formed near $879 and the price started an upside correction. There was a move above the $950 and $1,000 resistance levels.
The price even moved above the 23.6% Fib retracement level of the key decline from the $1,920 swing high to $880 low. It is now trading above $1,100 and the 55 simple moving average (4-hours).
However, the bears seem to be active near the $1,280 resistance zone. An immediate resistance is near the $1,240 level. The next major resistance is near the $1,280 zone or $1,300. There is also a major bearish trend line forming with resistance near $1,240 on the 4-hours chart.
The main hurdle is now forming near the $1,300 zone. A clear move above the $1,300 level might start a steady increase. The next key resistance is near the $1,400 zone. It is near the 50% Fib retracement level of the key decline from the $1,920 swing high to $880 low.
On the downside, an initial support is near the $1,140 level. The next major support is now near the $1,100 level. A break below the $1,100 support could push the price to $1,000. Any more losses could lead the price towards $800 or even $750.
Looking at the chart, Ethereum price is clearly trading above the $1,200 zone and the 55 simple moving average (4-hours). Overall, ether price could struggle to clear the $1,240 and $1,280 resistance levels in the near term.
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 – $1,140, followed by the $1,100 zone.
Key Resistance$ Levels – $1,280 and $1,300.
