Ethereum Price Analysis: ETH Turns Red Again, Risk of More Downsides – Cryptonium News

Ethereum Price Analysis: ETH Turns Red Again, Risk of More Downsides

The price of Ethereum is showing bearish signs below the USD 1, 250 resistance zone against the USD.
The price of ETH is currently trading below its 55x simple moving average (4 hours) at US$1, 240.
On the 4-hour chart, the price is trading below a key bullish trend line with support near US$1, 270 (Coinbase data).

If the $1, 220 resistance zone can be breached, the pair could ride a recovery wave.
Looking at the chart, the price of Ethereum is clearly trading near $1, 250, which is around 55 times (4 hours) its simple moving average. Overall, the price of Ethereum could ride a recovery wave if it can overcome the US$1,220 resistance zone.

Technical Indicators

4-Hour MACD – The MACD for ETH/USD is currently losing momentum in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for ETH/USD is currently below the 50 level.
The main support level is at $1150, followed by the $1100 zone.
The main $ resistance levels are at $1, 220 and $1, 250.