Ethereum Price Analysis

Recently, ethereum saw a fresh decline from well above $3,200 against the US Dollar. ETH price formed a high near the $3,275 level and started a major decline.

There was a move below the $3,100 and $3,050 support levels. The price even spiked below the $3,000 level and a close below the 55 simple moving average (4-hours). A low is formed near $2,928 and now correcting higher. There was a break above the $3,000 level.

The price is now approaching the 23.6% Fib retracement level of the downward move from the $3,893 swing high to $2,928 low. On the upside, the price is facing resistance near the $3,150 level.

There is also a key declining channel forming with resistance near $3,150 on the 4-hours chart. The main hurdle is now forming near the $3,400 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downward move from the $3,893 swing high to $2,928 low.

Any more gains could send the price towards the $3,800 level. The next major stop for the bulls could be near the $4,000 level. An immediate support on the downside is near the $3,040 level.

The next major support is now near the $3,000 level, below which the price could test $2,950. Any more losses could lead the price towards $2,800.

Looking at the chart, Ethereum price is clearly trading below the $3,400 zone and the 55 simple moving average (4-hours). Overall, ether price could start a steady upward move if there is a move above the $3,200 level.