Ethereum Price Analysis: ETH Dips Again As Bears Aim $3,200

7 months ago 4

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Ethereum price started a downside correction from the $3,680 resistance against the US Dollar.
ETH price is now trading below $3,550 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $3,535 on the 4-hour chart (data feed from Coinbase).
The pair could start a fresh increase if it clears the $3,550 resistance zone.

Ethereum price is declining below $3,550 against the US Dollar. ETH/USD remains at a risk of more downsides below the $3,300 support zone.

Ethereum Price Analysis

In the past few days, Ethereum started a decent increase above the $3,450 resistance zone against the US Dollar. ETH price climbed above the $3,500 and $3,550 resistance levels.

Finally, it tested the $3,680 resistance zone. A high was formed near $3,681 before there was a downside correction. There was a move below the $3,550 support zone. The price even traded below the 50% Fib retracement level of the upward wave from the $3,057 swing low to the $3,680 high.

There was also a break below a key bullish trend line with support at $3,535 on the 4-hour chart. ETH is now trading below $3,550 and the 55 simple moving average (4 hours).

On the upside, the price is now facing resistance near the $3,500 level. The first major resistance is near the $3,550 level. The next major resistance is near the $3,680 zone. A clear move above the $3,650 and $3,680 resistance levels might call for a fresh move to $3,880.

Any more gains could even send the price toward the $4,000 resistance zone or even $4,100 in the near term. On the downside, initial support is near the $3,300 level and the 61.8% Fib retracement level of the upward wave from the $3,057 swing low to the $3,680 high.

The next major support is now near the $3,200 level. A break below the $3,200 support could push the price to $3,050. If the bulls fail to protect the $3,050 support, the price might decline toward $2,880.

Looking at the chart, Ethereum price is clearly trading below $3,550 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $3,300 support zone.