- Ethereum Price Analysis: Ethereum price is struggling below the $1,850 resistance against the US Dollar. There is a major bearish trend line forming with resistance near $1,775 on the 4-hour chart.
- Downside Risk: ETH/USD remains at a risk of more downsides below the $1,720 support zone. A clear move below the $1,700 support could push the price to $1,640.
- Key Levels: The key levels to watch for include $1,775 and $1,800 resistances. If these are broken then Ethereum could climb above $2,000 in the near term.
Overview
Ethereum price is struggling to break above a key resistance level of $1,850 against the US Dollar and is now trading below $1,800 and 55 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $1,775 on the 4-hour chart that could lead to further downside if it holds. The key levels to watch for include $1,775 and $1,800 resistances. If these are broken then Ethereum could climb above $2,000 in the near term.
Current Price Action
This past week saw Ethereum start a fresh decline below its all-time high of $1850 against the US Dollar. The bears managed to push ETH price down to as low as$1716 before it started an upside correction which was capped by strong resistance at around$1775-$1800 levels. As of now Ether’s price is still trading below these levels and 55 simple moving average (4 hours).
Upside Potential
On the upside there exists some potential for further gains if Ether manages to break past either of these two key resistances at$1775 or$1800 or even better if it breaks past both simultaneously. This could potentially send Ethereum prices towards its all-time high of$1900 or even higher in case momentum picks up significantly from hereon out. For this scenario however it must be noted that there still exist strong selling pressure at higher levels so any rise will have to be backed by good volumes which may not happen right away given current market conditions.
Downside Risk
The other scenario involves Ethereum breaking below its current support level at around$1720 mark which would open up downside targets towards$1640 or even lower should sellers manage to gain control over bulls in coming days ahead. This would mean that Ethereum has failed once again after trying multiple times in past few weeks itself thus confirming bears’ dominance over bulls for short term at least until next attempt takes place later on this year most likely after mid 2021 when new bullish cycle might begin according ether proponent Tone Vays’ analysis shared recently on his YouTube channel “Tone Vays Trading” late last month . < h2 > Key Levels
The key levels to watch for include resistances at around 1775 & 1800 while supports lie at 1720 & 1700 respectively; any breakout either side shall determine short term direction in coming days ahead though long term prospects remain unchanged i.e uptrend till mid 2021 as per Tone Vays‘ forecast mentioned earlier .