Analysis of the Ethereum Price: ETH Struggles Below the $3K Mark

Under $2,800 against the US dollar, the Ethereum price is getting bearish momentum. The ETH/USD pair remains vulnerable to further declines below the $2,445 mark.

  • The price of Ethereum against the US dollar has begun a new drop after rising beyond $3,000 a while back.
  • The price of ETH has fallen below $2,800 and the SMA 55. (4-hours).
  • On the 4-hours chart, a significant negative trend line is forming with resistance at $2,590. (data feed from Coinbase).
  • If it fails to hold above the $2,445 support level, the pair's price could continue to fall.

Analysis of the Ethereum Price

From above the $2,880 barrier against the US Dollar, ethereum has recently seen a significant bearish movement. The price of ETH fell below the $2,750 support level and the 55-period SMA (4-hours).

The bears have acquired steam in preparation for a drop below $2,620. Even as low as $2,445 was traded, the price had fallen below the support level of $2,500. Losses have been contained and it is presently trading above the $2,500 mark. The $2,600 level is acting as resistance on the upward.

Another important negative trend line has formed on the 4-hours chart near $2,590. The latest slide from the $3,045 swing high to the $2,445 swing low has a 23.6 percent Fib retracement level in the trend line's favor.

The 55 simple moving average and the $2,750 level are now forming the first big barrier (4-hours). To put it another way, the 50 percent Fib retracement level is just a few hundredths of a percent away. It is possible that a closure above the $2,750 level may lead to a new uptrend.

The bulls could make their next significant halt around the $2,880 mark. If this does not happen, more losses below $2,500 are possible. Next significant support is located near $2,445 at the current price level. A price drop to $2,350 is possible if the support level of $2,445 is breached. The price could drop to $2,250 or possibly $2,120 if the losses continue.

eth price today
ETH/USD; Source TradingView

On the chart, Ethereum is clearly trading below the $2,800 mark and the 55-period simple moving average (SMA) (4-hours). If ether fails to hold above the $2,445 support level, the price could continue to decline.

Indicators on the technical level

The MACD for ETH/USD is now losing momentum in the bearish zone after four hours of trading.

The RSI (Relative Strength Index) for ETH/USD has fallen below the 50 mark for the last four hours.

Following the $2,445 level is the $2,350 area of support.

Resisting Forces

There are two price points: $2,600 and $2,750.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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