{"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 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 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>\nEthereum Price Analysis<\/h2>\n
Technical indicators<\/h2>\n