Ethereum Price Analysis: ETH Eyes Recovery Above $1,300
Ethereum price is struggling below $1,400 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,150 zone.
Ethereum Price Analysis
This past week, ethereum faced a rejection near the $1,650 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,500 level.
There was a clear move below the $1,550 and $1,500 support levels. The pair accelerated lower below the $1,400 level and the 55 simple moving average (4-hours). There was a move below the $1,200 level as well. It traded as low as $1,071 and is currently correcting losses.
There was a move above the $1,150 and $1,200 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,677 swing high to $1,071 low.
It is now trading below $1,400 and the 55 simple moving average (4-hours). An immediate resistance is near the $1,280 level. There is also a key bearish trend line forming with resistance near $1,280 on the 4-hours chart. The next major resistance is near the $1,300 zone.
A clear move above the $1,280 and $1,300 resistance levels might call for a decent increase to $1,350. Any more gains could even send the price above the $1,400 resistance zone.
An intermediate resistance is near $1,380 or the 50% Fib retracement level of the downward move from the $1,677 swing high to $1,071 low. On the downside, an initial support is near the $1,220 level. The next major support is now near the $1,150 level.
A break below the $1,150 support could push the price to $1,070. Any more losses could lead the price towards $1,020 or even $1,000.
Looking at the chart, Ethereum price is clearly trading below the $1,400 zone and the 55 simple moving average (4-hours). Overall, ether price could start a recovery wave if it clears the $1,300 resistance zone.
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 above the 50 level.
Key Support Levels – $1,220, followed by the $1,150 zone.
Key Resistance$ Levels – $1,280 and $1,400.
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