- The Ether price started a new decline from the resistance level of $3,400 to the dollar.
- ETH price is now below $3,300 and 55 simple moving averages (4 hours).
- On the 4-hour chart (from Coinbase data), the key contraction triangle was broken with support around $3,300.
- The pair may continue to fall below the $3,200 support area.
The price of Ether has fallen below $3,300 against the US dollar. If it falls significantly below $3,100, ETH/USD is still at risk of a significant decline.
Ether Price Analysis
Recently, the Ether exchange rate fell again from the $3,400 area against the US dollar. The ETH price formed a high around $3,420 and started a new decline.
It has broken below the $3,320 and $3,300 support levels. In addition, it broke below a key contraction triangle on the 4-hour chart, with support around $3,300. The pair tested the 50% Fib retracement of the swing low from $2,928 to the high of $3,420.
It is now trading below $3,300 and the 55 simple moving average (4 hours). On the bright side, the price is facing resistance around $3,250.
The main resistance level is now around $3,400. A close above $3,400 could start a significant move higher. The next major stop for the bulls is likely to be around $3,600, above which it could rise to $3,800. Immediate support to the downside is around $3,200.
The next major support level is now near $3,100. It is close to the 61.8% Fib. retracement of the swing low from $2,928 to the high of $3,420.
A break below the $3.100 support level could push the price up to $3,000. Any more losses could lead to a price rise to $2,850. The next major support level is around $2,650, where the bulls could take hold.
Looking at the K-line chart, it is clear that the Ether price is below the $3,300 area and the 55 simple moving average (4 hours). Overall, if the price breaks above $3,400, the Ether price could start to rise steadily.
4-hour MACD – MACD of ETH/USD is slowly growing in the bearish zone.
4-hour RSI (Relative Strength Index) – ETH/USD's RSI is now below the 50 level.
Key support – $3,200, then $3,100 area.
Key resistance levels – $3,250 and $3,400.
Tags: ethereum, ethereum