- Ethereum price started a fresh decline below the $1,500 support against the US Dollar.
- ETH price is now trading below $1,500 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $1,550 on the 4-hours chart (data feed from Coinbase).
- The pair could extend decline below the $1,080 support level in the near term.
Ethereum price is struggling below $1,500 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $1,500 resistance zone.
Ethereum Price Analysis
Earlier, ethereum struggled to clear the $1,800 resistance against the US Dollar. ETH price started a fresh decline below the $1,500 level and moved into a bearish zone.
The pair settled below the $1,350 support and the 55 simple moving average (4-hours). Finally, it traded below the $1,200 level and tested the $1,080 zone. A low was formed near $1,075 and the price is now consolidating losses.
On the upside, the price is facing resistance near the $1,280 level. It is near the 23.6% Fib retracement level of the downward move from the $1,918 swing high to $1,075 low. The next major resistance is near the $1,425 or $1,500.
There is also a major bearish trend line forming with resistance near $1,550 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 $1,075 low.
A clear move above the $1,500 level might start a steady increase. The next key resistance is near the $1,600 zone, above which the price might accelerate higher towards the $1,800 level.
On the downside, an initial support is near the $1,080 level. The next major support is now near the $1,000 level. A break below the $1,000 support could push the price to $920. Any more losses could lead the price towards $850 or even $800.
Looking at the chart, Ethereum price is clearly trading below the $1,500 zone and the 55 simple moving average (4-hours). Overall, ether price could extend decline below the $1,080 support level in the near term.
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 – $1,280 and $1,500.
