Ethereum Price Analysis: ETH Could Struggle Near $3,400
- Ethereum price started a major decline from the $4,000 resistance against the US Dollar.
- ETH price is now trading below $3,500 and the 55 simple moving average (4-hours).
- There is a key declining channel forming with resistance near $3,400 on the 4-hours chart (data feed from Coinbase).
- The pair could extend its decline unless there is a clear break above the $3,400 resistance.
Ethereum price is showing bearish signs below $3,500 against the US Dollar. ETH/USD could accelerate further lower if it breaks the $3,150 support zone.
Ethereum Price Analysis
In the past few days, ethereum saw a major decline from the $4,000 resistance against the US Dollar. ETH price broke the $3,500 support zone and the 55 simple moving average (4-hours).
The price even traded below the $3,400 and $3,300 levels. Finally, the price spiked below the $3,150 support level. The recent low was formed near $3,111 before the price started an upside correction. It broke the $3,200 resistance level.
There was a move above the 50% Fib retracement level of the recent decline from the $3,472 swing high to $3,111 swing low. ETH is now trading below $3,500 and the 55 simple moving average (4-hours).
An immediate resistance is near the $3,335 level. It is close to the 61.8% Fib retracement level of the recent decline from the $3,472 swing high to $3,111 swing low. There is also a key declining channel forming with resistance near $3,400 on the 4-hours chart.
The next major resistance is near the $3,500 zone and the 55 simple moving average (4-hours). A close above the $3,500 level could open the doors for a fresh increase.
An immediate support is near the $3,200 level. The main support is now near the $3,150 level. If there is a downside break below the $3,150 support, the price could test $3,050. Any more losses could lead the price towards $2,800.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading well below the $3,500 zone and the 55 simple moving average (4-hours). Overall, ether price could extend its decline unless there is a clear break above the $3,400 resistance.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still below the 50 level.
Key Support Levels – $3,150, followed by the $3,050 zone.
Key Resistance Levels – $3,400 and $3,500.
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