- Ethereum price started a fresh decline from the $1,380 zone against the US Dollar.
- ETH price is now trading below $1,325 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1,300 on the 4-hours chart (data feed from Coinbase).
- The pair could decline heavily if there is a clear move below the $1,250 support zone.
Ethereum price is struggling below $1,350 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,250 zone.
Ethereum Price Analysis
This past week, ethereum faced a rejection near the $1,380 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,350 level.
There was a clear move below the $1,350 and $1,320 support levels. The pair accelerated lower below the $1,300 level and the 55 simple moving average (4-hours). It traded as low as $1,267 and is currently consolidating losses.
An immediate resistance is near the $1,295 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,384 swing high to $1,267 low. The next major resistance is near the $1,325 zone. There is also a major bearish trend line forming with resistance near $1,300 on the 4-hours chart.
The trend line resistance is near the 50% Fib retracement level of the recent decline from the $1,384 swing high to $1,267 low. A clear move above the $1,325 and $1,330 resistance levels might call for a decent increase to $1,380.
Any more gains could even send the price above the $1,400 resistance zone. On the downside, an initial support is near the $1,265 level. The next major support is now near the $1,250 level. A break below the $1,250 support could push the price to $1,200. Any more losses could lead the price towards $1,150 or even $1,120.
Looking at the chart, Ethereum price is clearly trading below the $1,350 zone and the 55 simple moving average (4-hours). Overall, ether price could decline heavily if there is a clear move below the $1,250 support zone.
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 – $1,250, followed by the $1,200 zone.
Key Resistance$ Levels – $1,325 and $1,380.
