Ethereum Price Analysis: ETH Recovery Faces Hurdles

Ethereum price is struggling below $1,500 against the US Dollar. ETH/USD remains at a risk of more losses if there is a break below the $1,280 zone.

Ethereum Price Analysis

This past week, ethereum faced a rejection near the $1,780 zone against the US Dollar. ETH price failed to gain strength and started a fresh decline below the $1,600 level.

There was a clear move below the $1,550 and $1,520 support levels. The pair accelerated lower below the $1,400 level and the 55 simple moving average (4-hours). It traded as low as $1,279 and recently started an upside correction.

There was a clear move above the $1,350 resistance zone. The price tested the 23.6% Fib retracement level of the downward move from the $1,789 swing high to $1,279 low.

The price is now consolidating losses above the $1,350 level. An immediate resistance is near the $1,390 level. There is also a key bearish trend line forming with resistance near $1,390 on the 4-hours chart. The next major resistance is near the $1,475 zone, above which the price could test the 50% Fib retracement level of the downward move from the $1,789 swing high to $1,279 low.

Any more gains could even send the price above the $1,680 resistance zone.  On the downside, an initial support is near the $1,320 level. The next major support is now near the $1,280 level.

A break below the $1,280 support could push the price to $1,200. Any more losses could lead the price towards $1,150 or even $1,100 in the coming days.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,280 zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,320, followed by the $1,280 zone.

Key Resistance$ Levels – $1,380 and $1,475.

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