Ethereum price climbed higher nicely and traded to a new 2020 high at 5 against the US Dollar.ETH price is currently correcting lower and it broke the 0 support level.There is a major bullish trend line forming with support near 5 on the 4-hours chart (data feed from Coinbase).The price is likely to bounce back after testing the 5 support area and the trend line.Ethereum price is trading in a nice uptrend above 5 and 8 against the US Dollar. ETH/USD is likely to resume its uptrend after it completes its correction near 5 or 8.Ethereum Price AnalysisIn the past few days, there was a steady rise in Ethereum price above the 5 and 8 resistance levels against the US Dollar. Moreover, ETH price settled above the 0 level and the 55 simple moving average
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Bilal Hassan writes Morocco to Become First Developing Country with Clear Crypto Regulations
Bilal Hassan writes Cryptopia Liquidators Distribute 0 Million to Victims of 2019 Hack
Bilal Hassan writes Mo Shaikh Steps Down as CEO of Aptos Labs to Start New Chapter
Bilal Hassan writes FTX Announces January 2025 as Effective Date for Reorganization Plan
- Ethereum price climbed higher nicely and traded to a new 2020 high at $195 against the US Dollar.
- ETH price is currently correcting lower and it broke the $190 support level.
- There is a major bullish trend line forming with support near $185 on the 4-hours chart (data feed from Coinbase).
- The price is likely to bounce back after testing the $185 support area and the trend line.
Ethereum price is trading in a nice uptrend above $185 and $178 against the US Dollar. ETH/USD is likely to resume its uptrend after it completes its correction near $185 or $178.
Ethereum Price Analysis
In the past few days, there was a steady rise in Ethereum price above the $175 and $178 resistance levels against the US Dollar. Moreover, ETH price settled above the $180 level and the 55 simple moving average (4-hours).
Finally, the price surpassed the $190 level and traded to a new 2020 high at $195. Recently, there was a downside correction below the $192 level. The price declined below the 23.6% Fib retracement level of the recent rise from the $178 swing low to $195 high.
It is now trading near the $187 support. It coincides with the 50% Fib retracement level of the recent rise from the $178 swing low to $195 high. Moreover, there is a major bullish trend line forming with support near $185 on the 4-hours chart.
A downside break below the trend line support and $185 might start a downside extension in the near term. The next major support is near the last swing low at $178 and the 55 simple moving average (4-hours).
Any further losses may perhaps lead the price towards the $174 level. It is the 1.236 Fib extension level of the recent rise from the $178 swing low to $195 high.
On the upside, there is a major resistance forming near the $193 and $195 levels. A successful break above the $195 level could initiate a larger rally above the $200 and $205 levels in the near term.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading in a nice uptrend above a major bullish trend line and $178. Therefore, there are high chances of a strong upward move unless there is a close below $178.
Technical indicators
4 hours MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is slowly declining and approaching the 50 level.
Key Support Levels – $185, followed by the $178 zone.
Key Resistance Levels – $195 and $200.