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Ethereum’s Bearish Momentum Is Growing, Testing $1280 Is Likely

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Ethereum’s bearish momentum is growing as it goes for the $1450 level against the US dollar with the price preparing to test the $1280 support so let’s take a closer look at the price analysis in our latest Ethereum price news.

Ethereum’s price remained in a bearish zone below the $1650 and $1700 resistance levels against the US Dollar and the price is trading well below the $1500 and the 100 simple moving average. There’s also a major bearish trend line forming with the resistance being set at $1500 on the 4-hour chart of the pair. The ETH/USD pair will likely continue lower towards the $1280 support as long as it manages to stay below $1500. Over the past week, BTC and ETH saw a steady decline below the $50K level and $1700 against the US dollar. The price even traded below the $1500 support and settled below the 100 simple moving average.

ETHUSD
Source ETHUSD on TradingView.com

The coin traded as low as $1364 before correcting higher after the recovery above $1600 but ETH failed to settle above the $1700 level. It traded as high as $1723 before starting a new decline and it is back below $1500, approaching the $1350 support. There’s also a major bearish trend line forming with the resistance at $1500 on the 4-hour charts of the pair so if there are more losses, the price will move towards the $1280 support and will be close to the 1.236 fib extension level from the upwards move at $1364 low to $1723 high.

ETH DAily
Ethereum’s ETH 24-hour Price Chart (Source: Coingecko)

The next major support below the $1280 level is getting close to the $1140 level with the 1.618 fib extension level from the upwards move at $1364 low to $1723 high also nearing the $1140 level. The next major support zone is also near the $1100 level so if ETH goes on a new increase, it will correct near $1450 resistance. The first major resistance is near the $1500 level and the bearish trend line. The close above this trend line is needed for a strong increase towards $1650 so to start a new increase, the price has to settle above $1700 with more gains opening the doors for a move above $1800.

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Ethereum’s bearish momentum is growing as the MACD shows while the 4-hour RSI is still below the 50 level. Right now, both BTC and ETH are losing compared to Cardano which is making some strong gains.

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