{"id":113932,"date":"2021-02-23T08:17:23","date_gmt":"2021-02-23T08:17:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113932"},"modified":"2021-02-23T08:17:23","modified_gmt":"2021-02-23T08:17:23","slug":"ethereum-price-analysis-eth-starts-major-downside-correction","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/altcoins\/ethereum-price-analysis-eth-starts-major-downside-correction\/","title":{"rendered":"Ethereum Price Analysis: ETH Starts Major Downside Correction"},"content":{"rendered":"

Ethereum price is correcting gains from well above $2,000 against the US Dollar. ETH\/USD is likely to revisit $1,600 before it could climb again.<\/em><\/p>\n

Ethereum Price Analysis<\/h2>\n

After a close above $1,850, Ethereum extended its rise against the US Dollar. ETH even broke the $1,950 and $2,000 resistance levels. It traded to a new all-time high at $2,043 and settled above the 55 simple moving average (4-hours).<\/p>\n

However, the price failed to extend gains above $2,050 and recently corrected lower. There was a sharp decline below the $1,850 support level. There was also a break below a major bullish trend line with support near $1,840 on the 4-hours chart.<\/p>\n

The price dived below the $1,750 support and the 55 simple moving average (4-hours). It even spiked below $1,600 and traded as low as $1,510. Recently, there was an upside correction above $1,600 and $1,650.<\/p>\n

The price climbed above the 23.6% Fib retracement level of the downward move from the $2,043 high to $1,510 low. However, the price failed to continue higher above the $1,800 level.<\/p>\n

It seems like the bulls failed near the 50% Fib retracement level of the downward move from the $2,043 high to $1,510 low. The price is moving lower and trading well below $1,750. It seems like the price might continue to move down towards $1,600. The next major support sits near the $1,500 level.<\/p>\n

Conversely, the price might start a fresh increase above the $1,750 and $1,800 resistance levels. The main resistance is now forming near $1,850 and the 55 simple moving average (4-hours).<\/p>\n

<\/p>\n

Ethereum Price<\/p>\n

Looking at the chart, Ethereum price is clearly trading in a bearish zone below $1,850 and the 55 simple moving average (4-hours). Overall, ether price likely to continue lower towards the $1,640 and $1,600 levels in the near term.<\/p>\n

Technical indicators<\/h2>\n

4 hours MACD \u2013 The MACD for ETH\/USD is gaining momentum in the bearish zone.<\/p>\n

4 hours RSI (Relative Strength Index) \u2013 The RSI for ETH\/USD is now well below the 50 level.<\/p>\n

Key Support Levels \u2013 $1,600, followed by the $1,500 zone.<\/p>\n

Key Resistance Levels \u2013 $1,750 and $1,850.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum price is correcting gains from well<\/p>\n","protected":false},"author":3,"featured_media":113931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"yoast_head":"\nEthereum Price Analysis: ETH Starts Major Downside Correction - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/altcoins\/ethereum-price-analysis-eth-starts-major-downside-correction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Price Analysis: ETH Starts Major Downside Correction - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Ethereum price is correcting gains from well\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/altcoins\/ethereum-price-analysis-eth-starts-major-downside-correction\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-23T08:17:23+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/ccryptafotoEthereum-3.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/altcoins\/ethereum-price-analysis-eth-starts-major-downside-correction\/\",\"url\":\"https:\/\/precoinnews.com\/altcoins\/ethereum-price-analysis-eth-starts-major-downside-correction\/\",\"name\":\"Ethereum Price Analysis: ETH Starts Major Downside Correction - 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