Ethereum Price Analysis: ETH Retreats Lower From $2,700
Ethereum price started a downside correction from the $2,700 resistance against the US Dollar.
ETH price is now trading below $2,550 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with support at $2,400 on the 4-hour chart (data feed from Coinbase).
The pair could start a fresh increase if it clears the $2,400 resistance zone.
Ethereum price is declining below $2,550 against the US Dollar. ETH/USD remains at a risk of more downsides below the $2,300 support zone.
Ethereum Price Analysis
In the past few weeks, Ethereum started a decent increase above the $2,320 resistance zone against the US Dollar. ETH price climbed above the $2,500 and $2,600 resistance levels.
Finally, it tested the $2,720 resistance zone. A high was formed near $2,718 before there was a downside correction. There was a move below the $2,550 support zone. The price even traded below the 50% Fib retracement level of the upward wave from the $2,168 swing low to the $2,718 high.
ETH is now trading below $2,550 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with support at $2,400 on the 4-hour chart.
On the upside, the price is now facing resistance near the $2,380 level. The first major resistance is near the $2,400 level. The next major resistance is near the $2,440 zone. A clear move above the $2,400 and $2,440 resistance levels might call for a fresh move to $2,550.
Any more gains could even send the price toward the $2,700 resistance zone or even $2,920 in the near term. On the downside, initial support is near the $2,300 level and the 76.4% Fib retracement level of the upward wave from the $2,168 swing low to the $2,718 high.
The next major support is now near the $2,200 level. A break below the $2,200 support could push the price to $2,120. If the bulls fail to protect the $2,120 support, the price might decline toward $2,075.
Looking at the chart, Ethereum price is clearly trading below $2,450 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $2,300 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining 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 – $2,300, followed by the $2,200 zone.
Key Resistance Levels – $2,380 and $2,400.
The post Ethereum Price Analysis: ETH Retreats Lower From $2,700 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ January 23, 2024 3:18 am