- Ethereum price started a fresh decline from well above $3,000 against the US Dollar.
- ETH price is now trading below $3,000 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $2,930 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to move down if it fails to stay above the $2,480 support zone.
Ethereum price is gaining bearish momentum below $3,000 against the US Dollar. ETH/USD remains at a risk of more downsides below the $2,500 level.
Ethereum Price Analysis
Recently, ethereum saw a major bearish move from well above the $3,000 level against the US Dollar. ETH price traded below the $2,950 support zone and the 55 simple moving average (4-hours).
There was a break below a major bullish trend line with support near $2,930 on the 4-hours chart. The bears gained strength for a move below the $2,800 level. The price even declined below the $2,675 support and now approaching the $2,500 support.
The next major support is now near the $2,480 level. A break below the $2,480 support could push the price to $2,350. Any more losses could lead the price towards $2,340. The next major support is near the $2,100, where the bulls might take a stand.
On the upside, the price is facing resistance near the $2,600 level or the 23.6% Fib retracement level of the recent decline from the $3,199 swing high to $2,512 swing low.
The first major resistance is now forming near the $2,855 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $3,199 swing high to $2,512 swing low. A close above the $2,855 level could start another increase. The next major stop for the bulls could be near the $3,000 level.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below the $3,050 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it fails to stay above the $2,480 support zone.
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 – $2,480, followed by the $2,350 zone.
Key Resistance$ Levels – $2,760 and $2,855.
Source: https://www.livebitcoinnews.com/ethereum-price-analysis-eth-dives-below-3k/