Ethereum price started a fresh increase above ,200 against the US Dollar. ETH price is now trading above ,300 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,400 on the 4-hours chart (data feed from Coinbase). The pair could continue higher as long as it is above the ,300 support zone. Ethereum price is showing positive signs above ,300 against the US Dollar. ETH/USD could accelerate higher above the ,600 and ,650 levels in the near term. Ethereum Price Analysis After forming a base above ,000, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the ,200 level and the 55 simple moving average (4-hours). The price climbed above the ,300 and ,500 resistance
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- Ethereum price started a fresh increase above $3,200 against the US Dollar.
- ETH price is now trading above $3,300 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $3,400 on the 4-hours chart (data feed from Coinbase).
- The pair could continue higher as long as it is above the $3,300 support zone.
Ethereum price is showing positive signs above $3,300 against the US Dollar. ETH/USD could accelerate higher above the $3,600 and $3,650 levels in the near term.
Ethereum Price Analysis
After forming a base above $3,000, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $3,200 level and the 55 simple moving average (4-hours).
The price climbed above the $3,300 and $3,500 resistance levels. It even traded above the $3,600 level and formed a high near the $3,670. The price is now correcting gains and trading below $3,600. It tested the 23.6% Fib retracement level of the recent wave from the $2,782 swing low to $3,670 high.
An immediate support on the downside is near the $3,460 level. The first major support is now near the $3,400 level. There is also a key bullish trend line forming with support near $3,400 on the 4-hours chart.
The next major support is near the $3,220 level. It is close to the 50% Fib retracement level of the recent wave from the $2,782 swing low to $3,670 high. If there is a downside break below the $3,300 and $3,220 support levels, the price could retest $3,000. Any more losses could lead the price towards $2,850.
An immediate resistance is near the $3,550 level. The main resistance is now forming near the $3,650 level. A close above the $3,650 level could open the doors for a fresh increase. The next major resistance for the bulls might be near the $4,000 level.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $3,300 zone and the 55 simple moving average (4-hours). Overall, ether price could continue higher as long as it is above the $3,300 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $3,400, followed by the $3,300 zone.
Key Resistance$ Levels – $3,550 and $3,650.