- Ethereum price started a fresh decline from the $2,000 zone against the US Dollar.
- ETH price is now trading below $1,700 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $1,840 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh increase unless there is a clear move below the $1,520 zone.
Ethereum price is struggling below $1,700 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,525 zone.
Ethereum Price Analysis
This past week, ethereum faced a rejection near the $2,000 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,880 level.
There was a clear move below the $1,750 and $1,700 support levels. Besides, there was a break below a major bullish trend line with support near $1,840 on the 4-hours chart. The pair accelerated lower below the $1,650 level and the 55 simple moving average (4-hours).
The price is now consolidating losses above the $1,525 level. An immediate resistance is near the $1,640 level. It is near the 23.6% Fib retracement level of the downward move from the $2,031 swing high to $1,523 low.
The next major resistance is near the $1,770 zone and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $2,031 swing high to $1,523 low. Any more gains could even send the price above the $1,850 resistance zone.
On the downside, an initial support is near the $1,550 level. The next major support is now near the $1,525 level. A break below the $1,525 support could push the price to $1,385. Any more losses could lead the price towards $1,250 or even $1,200 in the coming days.
Looking at the chart, Ethereum price is clearly trading below the $1,800 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,520 zone.
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 below the 50 level.
Key Support Levels – $1,525, followed by the $1,385 zone.
Key Resistance$ Levels – $1,640 and $1,770.
