- Ethereum price started a new decline from the $2000 area against the US Dollar.
- ETH price is now trading below $1,700 and the 55 simple moving average (4-hours).
- There was a break below the major uptrend line with support near $1,840 on the 4-hour chart (data feed from Coinbase).
- The pair could start a new high unless there is a clear move below the $1.520 area.
Ethereum price is struggling below $1,700 against the US dollar. ETH/USD remains at risk of further losses if there is a break below the $1.525 region.
Ethereum price analysis
Last week, Ethereum face rejection Near the $2000 area against the US dollar. ETH price failed to gain traction and started a new decline below the $1,880 level.
There was a clear move below the $1750 and $1700 support levels. Besides, there was a break below the major uptrend line with support near $1,840 on the 4-hour chart. The pair accelerated lower below the $1,650 level and 55 simple moving average (4 hours).
The price is now consolidating losses above the $1.525 level. There is an immediate resistance near the $1,640 level. It is near the 23.6% Fib retracement level of the downside move from the $2,031 swing high to $1,523 low.
The next major resistance is near the $1,770 area and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downside move from the $2,031 swing high to $1,523 low. Any further gains could send the price above the $1,850 resistance area.
On the downside, initial support is near the $1,550 level. The next major support is now near the $1,525 level. A break below the $1,525 support could push the price to $1,385. Any further losses could push the price towards $1,250 or even $1,200 in the coming days.
look at me ScheduleEthereum price is clearly trading below the $1800 area and the 55 simple moving average (4-hours). In general, the price of Ether could start a new increase unless there is a clear move below the $1,520 area.
4-hour MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
The main support levels are $1,525, followed by the $1,385 area.
The key resistance levels in the dollar are $1,640 and $1,770.
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