Ethereum price extended its rally above the 5 resistance zone against the US Dollar.ETH price is currently trading well above 0 and the 55 simple moving average (4-hours).There was a break above a key bullish flag pattern with resistance near 5 on the 4-hours chart (data feed from Coinbase).The pair is currently consolidating gains, but dips are likely to find support near 5.Ethereum price is showing positive signs above 5 and 5 against the US Dollar. It seems like ETH/USD is preparing for more gains above the 5 and 0 levels.Ethereum Price AnalysisAfter testing the 5 support two times, Ethereum price started a fresh increase against the US Dollar. ETH price broke a few key hurdles near the 5 resistance to move into a positive zone.The bulls gained pace,
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 extended its rally above the $375 resistance zone against the US Dollar.
- ETH price is currently trading well above $370 and the 55 simple moving average (4-hours).
- There was a break above a key bullish flag pattern with resistance near $375 on the 4-hours chart (data feed from Coinbase).
- The pair is currently consolidating gains, but dips are likely to find support near $365.
Ethereum price is showing positive signs above $365 and $375 against the US Dollar. It seems like ETH/USD is preparing for more gains above the $395 and $400 levels.
Ethereum Price Analysis
After testing the $335 support two times, Ethereum price started a fresh increase against the US Dollar. ETH price broke a few key hurdles near the $355 resistance to move into a positive zone.
The bulls gained pace, resulting in a drift above the $365 level. Recently, there was a break above a key bullish flag pattern with resistance near $375 on the 4-hours chart. It opened the doors for more gains above the $380 and $385 levels.
The price tested the previous key hurdle near the $395 level. A high is formed near $395, and the price is currently trading well above $370 and the 55 simple moving average (4-hours).
An initial support is near the $381 level. It is close to the 23.6% Fib retracement level of the upward move from the $334 swing low to $395 high. The first major support is near the $375 level. Any further losses could lead the price towards the $365 support.
The 50% Fib retracement level of the upward move from the $334 swing low to $395 high is also near the $365 level to act as a strong support. The next major support for the bulls could be near $358 and the 55 simple moving average (4-hours).
On the upside, the price is facing hurdles near the $392 and $395 levels. A proper follow through move above the $395 resistance is likely to open the doors for a push above the $400 and $405 levels.
Ethereum Price
Looking at the chart, Ethereum price is clearly showing positive signs above $365 and the 55 simple moving average (4-hours). Overall, ether is currently consolidating gains, but dips are likely to find support near $365.
Technical indicators
4 hours MACD – The MACD for ETH/USD is placed nicely in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently above the 60 level.
Key Support Levels – $380, followed by the $365 zone.
Key Resistance Levels – $395 and $400.