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Ethereum Price Analysis: ETH Corrects Lower, $2,000 Holds The Key

  • Ethereum price started a fresh decline from well above $2,400 against the US Dollar.
  • ETH price is currently trading well below $2,275 and the 55 simple moving average (4-hours).
  • There was a break below a major contracting triangle with support near $2,275 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to find a strong buying interest near the $2,000 and $1,930 levels.

Ethereum price is correcting gains below $2,300 against the US Dollar. ETH/USD could decline heavily if there is a daily close below the $2,000 support zone.

Ethereum Price Analysis

There was an upside break in Ethereum above the $2,400 level against the US Dollar. However, ETH failed to test the $2,550 resistance zone. A high was formed near $2,548 before the price started a fresh decline.

The price broke many supports near the $2,300 and $2,275 levels. There was also a break below a major contracting triangle with support near $2,275 on the 4-hours chart. It is currently trading well below $2,275 and the 55 simple moving average (4-hours).

ETH tested the $2,000 support and started a recovery wave. It climbed above the $2,150 and $2,200 levels. There was a break above the 23.6% Fib retracement level of the downward move from the $2,548 high to $2,000 low.

However, the price is facing a strong resistance near the $2,275 and $2,300 levels. It failed to clear the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $2,548 high to $2,000 low is also acting as a resistance.

It is sliding again and trading below $2,150. An immediate support is near the $2,050 level. The main support is near the $2,000 level. If there is a daily close below the $2,000 level, there is a risk of a sharp decline in the coming sessions.

Conversely, the price might start a fresh increase above the $2,275 resistance zone. The next key resistance is near the $2,400 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well below the $2,300 level and the 55 simple moving average (4-hours). Overall, ether price is likely to find a strong buying interest near the $2,000 and $1,930 levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well below the 50 level.

Key Support Levels – $2,050, followed by the $2,000 zone.

Key Resistance Levels – $2,200 and $2,275.

The post Ethereum Price Analysis: ETH Corrects Lower, $2,000 Holds The Key appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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