Ethereum Price Analysis: ETH Could Retest $2K
Ethereum price is struggling below $2,500 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $2,500 resistance zone.
Ethereum Price Analysis
Recently, ethereum struggled to clear the $2,800 resistance against the US Dollar. ETH price started a fresh decline below the $2,650 level and moved into a bearish zone.
There was a break below a key contracting triangle with support near $2,800 on the 4-hours chart. The pair settled below the $2,500 support and the 55 simple moving average (4-hours). Finally, it traded below the $2,350 level and tested the $2,200 zone.
A low is formed near $2,198 and the price is now correcting losses. There was a move above the $2,250 and $2,320 resistance levels.
On the upside, the price is facing resistance near the $2,380 level. It is near the 23.6% Fib retracement level of the downward move from the $2,969 swing high to $2,198 low. The first major resistance is seen near the $2,450 level.
The main resistance is now forming near the $2,500 level or the 50% Fib retracement level of the downward move from the $2,969 swing high to $2,198 low. A clear move above the $2,580 level might start a steady increase. The next key resistance is near the $2,800 zone, above which the price might accelerate higher towards the $3,000 level.
On the downside, an initial support is near the $2,250 level. The next major support is now near the $2,200 level. A break below the $2,200 support could push the price to $2,110. Any more losses could lead the price towards $2,020 or even $2,000.
Looking at the chart, Ethereum price is clearly trading below the $2,500 zone and the 55 simple moving average (4-hours). Overall, ether price remains at a risk of more downsides towards the $2,000 support level.
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 40 level.
Key Support Levels – $2,200, followed by the $2,000 zone.
Key Resistance$ Levels – $2,450 and $2,580.
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