HomeAltcoin NewsEthereum Price Analysis: ETH Reaches Key Support

Ethereum Price Analysis: ETH Reaches Key Support

-

  • Ethereum price started a fresh decline from the $1,225 zone against the US Dollar.
  • ETH price is now trading below $1,100 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $1,150 on the 4-hours chart (data feed from Coinbase).
  • The pair could extend losses if there is a clear move below the $1,080 support zone.

Ethereum price is struggling below $1,150 against the US Dollar. ETH/USD could gain bearish momentum if there is a close below $1,080.

Ethereum Price Analysis

This past week, ethereum saw a decent recovery wave from the $1,000 zone against the US Dollar. ETH price was able to clear the $1,100 and $1,140 resistance levels.

It even surpassed 23.6% Fib retracement level of the key drop from the $1,920 swing high to $880 low. It spiked above the $1,220 level but faced sellers near the $1,225 level. A high was formed near the $1,225 and the price started a fresh decline.

The price declined below the $1,150 and $1,100 support levels. There was a move below the 50% Fib retracement level of the upward move from the $997 swing low to $1,225 high.

Besides, there was a break below a major bullish trend line with support near $1,150 on the 4-hours chart. It is now trading below $1,100 and the 55 simple moving average (4-hours). It is also trading below the 61.8% Fib retracement level of the upward move from the $997 swing low to $1,225 high.

On the downside, an initial support is near the $1,080 level. The next major support is now near the $1,065 level. A break below the $1,065 support could push the price to $1,000. Any more losses could lead the price towards $880 or even $800.

An immediate resistance is near the $1,100 level. The next major resistance is near the $1,135 zone or $1,150, above which the price could rise towards the $1,200 level. Any more gains could even send the price above the $1,225 resistance zone.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $1,120 zone and the 55 simple moving average (4-hours). Overall, ether price could extend losses if there is a clear move below the $1,080 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 – $1,080, followed by the $1,000 zone.

Key Resistance$ Levels – $1,135 and $1,200.

FOLLOW US

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Upcoming Events

Most Popular