Ethereum Price Analysis: ETH Turns Red Again, Risk of More Downsides

Ethereum Price Analysis

Ethereum Price Analysis: ETH Turns Red Again, Risk of More Downsides

Ethereum price is showing bearish signs below the $1,250 resistance zone against the US Dollar.
ETH price is now trading below $1,240 and the 55 simple moving average (4-hours).
There was a break below a key bullish trend line with support near $1,270 on the 4-hours chart (data feed from Coinbase).
The pair could start a recovery wave if it clears the $1,220 resistance zone.

Ethereum price is struggling below $1,250 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 $1,350 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,300 level.
There was a clear move below the $1,280 and $1,250 support levels. The bears pushed the price below the $1,220 support zone and the 55 simple moving average (4-hours). Besides, there was a break below a key bullish trend line with support near $1,270 on the 4-hours chart.
The price traded as low as $1,150 and is currently consolidating losses. An immediate resistance is near the $1,200 level. It is near the 23.6% Fib retracement level of the downward move from the $1,350 swing high to $1,150 low. The next major resistance is near the $1,220 zone.
The main resistance is near the $1,250 zone and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downward move from the $1,350 swing high to $1,150 low.
A clear move above the $1,240 and $1,250 resistance levels might call for a decent increase to $1,300. Any more gains could even send the price above the $1,350 resistance zone.
On the downside, an initial support is near the $1,160 level. The next major support is now near the $1,150 level. A break below the $1,150 support could push the price to $1,100.
If the bulls struggle to protect the $1,100 support, the price might decline towards $1,065. Any more losses could lead the price towards $1,000 or even $920.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading near the $1,250 zone and the 55 simple moving average (4-hours). Overall, ether price could start a recovery wave if it clears the $1,220 resistance zone.
Technical indicators
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 50 level.
Key Support Levels – $1,150, followed by the $1,100 zone.
Key Resistance$ Levels – $1,220 and $1,250.

Tags: ETH, Ethereum

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