- Ethereum price started a fresh decline below the $1,200 support against the US Dollar.
- ETH price is now trading below $1,200 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $1,300 on the 4-hours chart (data feed from Coinbase).
- The pair could struggle to clear the $1,280 and $1,300 resistance levels in the near term.
Ethereum price is struggling below $1,300 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $1,300 resistance zone.
Ethereum Price Analysis
Earlier, ethereum struggled to clear the $1,300 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 $1,200 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 is now correcting losses. There was a move above the $920 and $950 resistance levels.
The price even moved above the $1,000 level. It is now trading near 23.6% Fib retracement level of the downward move from the $1,918 swing high to $879 low.
An immediate resistance is near the $1,180 level and the 55 simple moving average (4-hours). The next major resistance is near the $1,280 or $1,300. There is also a key bearish trend line forming with resistance near $1,300 on the 4-hours chart.
The trend line is near the 50% Fib retracement level of the downward move from the $1,918 swing high to $879 low. A clear move above the $1,300 level might start a steady increase.
The next key resistance is near the $1,425 zone, above which the price might accelerate higher towards the $1,650 level. On the downside, an initial support is near the $1,040 level. The next major support is now near the $1,000 level. A break below the $1,000 support could push the price to $880. Any more losses could lead the price towards $800 or even $750.
Looking at the chart, Ethereum price is clearly trading below the $1,200 zone and the 55 simple moving average (4-hours). Overall, ether price could struggle to clear the $1,280 and $1,300 resistance levels in the near term.
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 above the 50 level.
Key Support Levels – $1,040, followed by the $1,000 zone.
Key Resistance$ Levels – $1,180 and $1,300.
