Ethereum Price Analysis: ETH Turns Red Below $3,200

  • Ethereum price started a major decline below the $3,500 support against the US Dollar.
  • ETH price is now trading below $3,200 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $3,200 on the 4-hours chart (data feed from Coinbase).
  • The pair could correct higher, but the bears are likely to remain active near $3,200.

Ethereum price is showing bearish signs below $3,200 against the US Dollar. ETH/USD could resume its decline as long as it is below $3,200.

Ethereum Price Analysis

In the past few days, ethereum saw a major decline below the $3,600 zone against the US Dollar. ETH price broke the $3,400 support zone and the 55 simple moving average (4-hours).

The price even traded below the $3,200 and $3,150 levels. Finally, the price spiked below the $3,000 support level. The recent low was formed near $2,805 before the price started an upside correction. It broke the $3,000 resistance level.

It is now testing the 23.6% Fib retracement level of the recent decline from the $3,675 swing high to $2,805 low. However, the price is now trading below $3,200 and the 55 simple moving average (4-hours).

An immediate resistance is near the $3,150 level. The main resistance is now forming near the $3,200 level. There is also a major bearish trend line forming with resistance near $3,200 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $3,675 swing high to $2,805 low.

The next major resistance is near the $3,400 zone and the 55 simple moving average (4-hours). A close above the $3,400 level could open the doors for a fresh increase.

An immediate support is near the $2,900 level. The main support is now near the $2,800 level. If there is a downside break below the $2,800 support, the price could test $2,650. Any more losses could lead the price towards $2,500.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well below the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could correct higher, but the bears are likely to remain active near $3,200.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still below the 40 level.

Key Support Levels – $2,900, followed by the $2,800 zone.

Key Resistance Levels – $3,200 and $3,400.

The post Ethereum Price Analysis: ETH Turns Red Below $3,200 appeared first on Live .

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