Ethereum Price Analysis: ETH Faces Key Uptrend Resistance

6 months ago 10

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Ethereum price started a downside correction from the $3,220 resistance against the US Dollar.
ETH price is now trading near $3,080 and the 55 simple moving average (4 hours).
There was a break below a key rising channel with support at $3,125 on the 4-hour chart (data feed from Coinbase).
The pair could start a fresh increase if it clears the $3,220 resistance zone.

Ethereum price is declining below $3,150 against the US Dollar. ETH/USD remains at a risk of more downsides below the $3,020 support zone.

Ethereum Price Analysis

In the past few days, Ethereum started a decent increase above the $3,050 resistance zone against the US Dollar. ETH price climbed above the $3,120 and $3,150 resistance levels.

Finally, it tested the $3,220 resistance zone. A high was formed near $3,221 before there was a downside correction. There was a move below the $3,200 support zone. The price even traded below the 23.6% Fib retracement level of the upward wave from the $2,814 swing low to the $3,221 high.

There was a break below a key rising channel with support at $3,125 on the 4-hour chart. ETH is now trading near $3,080 and the 55 simple moving average (4 hours).

On the upside, the price is now facing resistance near the $3,125 level. The first major resistance is near the $3,200 level. The next major resistance is near the $3,220 zone. A clear move above the $3,220 resistance level might call for a fresh move to $3,350.

Any more gains could even send the price toward the $3,400 resistance zone or even $3,500 in the near term. On the downside, initial support is near the $3,020 level or the trend line and the 50% Fib retracement level of the upward wave from the $2,814 swing low to the $3,221 high.

The next major support is now near the $2,960 level. A break below the $2,960 support could push the price to $2,820. If the bulls fail to protect the $2,820 support, the price might decline toward $2,665.

Looking at the chart, Ethereum price is clearly trading near $3,080 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $3,020 support zone.