Ethereum
Ethereum Price Analysis: ETH Faces Key Upside Resistance
- Ethereum price has started a downward correction from the $3,220 resistance against the US Dollar.
- ETH price is now trading near $3,080 and the 55 simple moving average (4-hours).
- There was a break below a key rising channel with support at $3,125 on the 4-hour chart (Coinbase data feed).
- The pair could begin a further rise if it crosses the $3,220 resistance zone.
Ethereum price falls below $3,150 against the US dollar. ETH/USD remains exposed to further downside risk below the $3,020 support zone.
Ethereum Price Analysis
In recent days, Ethereum launched a decent increase above the $3,050 resistance zone against the US Dollar. ETH price climbed above the $3,120 and $3,150 resistance levels.
Finally, it tested the $3,220 resistance zone. A high formed near $3,221 before a downward correction. There was a move below the $3,200 support zone. The price even traded below the 23.6% Fibonacci retracement level of the ascending wave from the $2,814 low to $3,221 high.
There was a break below a key rising channel with support at $3,125 on the 4-hour chart. ETH is now trading near $3,080 and the 55 simple moving average (4-hours).
On the upside, the price now faces resistance near the $3,125 level. The first major resistance is near the $3,200 level. The next major resistance lies near the $3,220 area. A clear movement above the Resistance of $3,220 the level may require a further move to $3,350.
Any further gains could even send the price towards the $3,400 resistance zone or even $3,500 in the near term. On the downside, initial support is near the $3,020 level or the trendline and the 50% Fibonacci retracement level of the ascending wave from the $2,814 low to $3,221 high.
The next major support is now near the $2,960 level. A break below the $2,960 support could push the price to $2,820. If the bulls fail to protect the $2,820 support, the price could decline as low as $2,665.
Looking at the chart, Ethereum price is clearly trading near $3,080 and the 55 simple moving average (4-hours). Overall, Ether price could continue to decline if it breaks above the $3,020 support zone.
Technical indicators
4-hour 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 – $3,020, followed by the $2,960 area.
Key resistance levels – $3,125 and $3,220.