- Ethereum price started a downside correction from the $2,135 resistance against the US Dollar.
- ETH price is now trading below $2,050 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $1,975 on the 4-hour chart (data feed from Coinbase).
- The pair could continue to move down if it breaks the $1,975 support zone.
Ethereum price is declining below $2,050 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,975 support zone.
Ethereum Price Analysis
In the past few weeks, Ethereum started a decent increase above the $1,900 resistance zone against the US Dollar. ETH price climbed above the $1,950 and $2,000 resistance levels.
Finally, it tested the $2,150 resistance zone. A high was formed near $2,134 before there was a downside correction. There was a move below the $2,050 support zone. The price even traded below the 50% Fib retracement level of the upward move from the $1,929 swing low to the $2,134 high.
ETH is now trading below $2,050 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $1,975 on the 4-hour chart.
On the upside, the price is now facing resistance near the $2,030 level. The next major resistance is near the $2,085 level. The next major resistance is near the $2,150 zone. A clear move above the $2,135 and $2,150 resistance levels might call for a fresh move to $2,250.
Any more gains could even send the price toward the $2,400 resistance zone or even $2,500 in the near term. On the downside, initial support is near the $1,975 level and the trend line. It is close to the 76.4% Fib retracement level of the upward move from the $1,929 swing low to the $2,134 high.
The next major support is now near the $1,920 level. A break below the $1,920 support could push the price to $1,850. If the bulls fail to protect the $1,850 support, the price might decline toward $1,660.
Looking at the chart, Ethereum price is clearly trading below $2,050 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $1,975 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,975, followed by the $1,920 zone.
Key Resistance Levels – $2,085 and $2,150.
