- Ethereum price started a downside correction from the $2,135 resistance level against the US Dollar.
- ETH is currently trading below $2,050 and the 55 simple moving average (4-hour).
- A key bullish trend line is forming with support near $1,975 on the 4-hour chart (Coinbase data).
- The pair could extend losses if it breaks below the $1,975 support zone.
Ethereum price dipped below $2,050 against the USD. ETH/USD remains at risk of further downside below the $1,975 support area.
Ethereum Price Technical Analysis
In recent weeks, Ethereum began a strong upward movement above the $1,900 resistance zone against the US Dollar. ETH climbed past the $1,950 and $2,000 resistance levels.
Eventually, it tested the $2,150 resistance zone. A high was formed near $2,134 before a downside correction emerged. The price declined below the $2,050 support zone and even traded below the 50% Fib retracement level of the upward move from the $1,929 swing low to the $2,134 high.
ETH now trades below $2,050 and the 55 simple moving average (4-hour). There's also a key bullish trend line forming with support near $1,975 on the 4-hour chart.
On the upside, initial resistance is near the $2,030 level. The next major resistance sits near $2,085, followed by the $2,150 zone. A clear break above the $2,135 and $2,150 resistance levels could push the price toward $2,250.
Further gains might send the price toward the $2,400 resistance zone or even $2,500 in the near term. On the downside, immediate support is near $1,975 and the trend line. This aligns with the 76.4% Fib retracement level of the upward move from the $1,929 swing low to the $2,134 high.
The next major support is near $1,920. A break below $1,920 could push the price to $1,850. Failure to hold $1,850 might lead to a drop toward $1,660.
The chart indicates Ethereum trading below $2,050 and the 55 simple moving average (4-hour). Overall, ETH could continue declining if it breaks the $1,975 support zone.
Technical Indicators
- 4-hour MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
- 4-hour RSI: The RSI is now below the 50 level.
Key Support Levels: $1,975, followed by $1,920.
Key Resistance Levels: $2,085 and $2,150.
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FAQ
What's the critical support level for ETH?
Ethereum must hold above $1,975 to avoid further declines.
What resistance levels should traders watch?
Breakouts above $2,085 and $2,150 could signal bullish momentum.
How strong is the current ETH trend?
The 4-hour chart shows bearish pressure below $2,050 and the 55 SMA.
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