Ethereum Price Analysis: ETH Could Nosedive Below $350
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Ethereum Price Analysis: ETH Could Nosedive Below $350


  • Ethereum price started an upside correction from the $313 swing low against the US Dollar.
  • ETH price is currently struggling to clear the $365 resistance and trading just above the 55 simple moving average (4-hours).
  • There was a break below a key ascending channel with support near $354 on the 4-hours chart (data feed from Coinbase).
  • The pair could accelerate further if it breaks the $350 support level in the near term.

Ethereum price is declining and trading below the $355 support against the US Dollar. It seems like ETH/USD is likely to nosedive below $350 and $345.

Ethereum Price Analysis

After forming a support base above $315, Ethereum price started a decent correction above $320 against the US Dollar. ETH price broke a couple of key resistance near the $335 level to move into a positive zone.

The price traded above the 50% Fib retracement level of the main decline from the $395 high to $313 swing low. Finally, the price spiked above the $360 level, but it failed to continue higher above the $370 level.

It seems like the bulls struggled to remain in action above the $365 resistance zone. The price also failed near the 61.8% Fib retracement level of the main decline from the $395 high to $313 swing low. It is currently struggling to clear the $365 resistance and trading just above the 55 simple moving average (4-hours).

There was a break below a key ascending channel with support near $354 on the 4-hours chart. The price is clearing showing bearish signs below $360 and $355. If there is a downside break below the $350 support and the 55 simple moving average (4-hours), there are chances of a sharp decline.

The next major support is near the $345 level, below which the bears are likely to aim a larger decline towards the $330 and $320 levels in the coming sessions.

On the upside, the previous key support near the $365 zone is likely to act as a major resistance. The next major resistance is near the $370 level, above which the bulls are likely to take control.

Ethereum Price

Looking at the chart, Ethereum price is clearly struggling to stay above the $350 support level and the 55 simple moving average (4-hours). Overall, the price could accelerate further if it breaks the $350 support level in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is just below the 50 level.

Key Support Levels – $350, followed by the $345 zone.

Key Resistance Levels – $365 and $370.

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Born in Bucharest, Marius is the founder of Crypto Adventure and Co-founder of Crypto Press. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.