Against the US Dollar, ethereum has recently seen a significant bearish move from well above the $3,000 barrier. The price of ETH has been trading below the $2,950 support level and the 55 simple moving average (4-hours).
On the 4-hours chart, there was a break below a significant bullish trend line with support near $2,930. The bears gained strength in preparation for a move below $2,800. Ethereum price has now fallen below the $2,675 support level and is approaching the $2,500 level.
The next major support level for Ethereum is now approaching $2,480. If the price falls below the $2,480 support level, it could drop below $2,350. Any further losses could push Ethereum price up to $2,340. The bulls may take a stand near $2,100, which is the next big support level.
On the upside, Ethereum $2,600 price level, or the 23.6 percent Fib retracement level of the current slide from the $3,199 swing high to the $2,512 swing low, is proving to be resistance.
Near the $2,855 level and the 55 simple moving average, the first major resistance is building (4-hours). It’s approaching the 50% Fib retracement level of the latest drop from the $3,199 swing high to the $2,512 swing low. A close above $2,855 could signal the start of a new upward trend. The bulls’ next major roadblock could be near the $3,000 mark.
The price of Ethereum is obviously trading below the $3,050 zone and the 55 simple moving average on the chart (4-hours). Overall, if the price of ether does not stay above the $2,480 support zone, it may continue to fall.
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