Ethereum price corrected lower towards the ,300 zone before recovering higher against the US Dollar. ETH price is currently trading well above ,500 and the 55 simple moving average (4-hours). There was a break a key bearish trend line with resistance near ,480 on the 4-hours chart (data feed from Coinbase). The pair is likely to continue higher if it clears the ,650 and ,700 resistance levels in the near term. Ethereum price is recovering from ,300 against the US Dollar. ETH/USD must settle above ,650 to start a strong upward move in the coming sessions. Ethereum Price Analysis After a break below the ,720 support, Ethereum extended its decline against the US Dollar. ETH broke the ,500 support zone and it even settled below the 55 simple moving
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- Ethereum price corrected lower towards the $1,300 zone before recovering higher against the US Dollar.
- ETH price is currently trading well above $1,500 and the 55 simple moving average (4-hours).
- There was a break a key bearish trend line with resistance near $1,480 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue higher if it clears the $1,650 and $1,700 resistance levels in the near term.
Ethereum price is recovering from $1,300 against the US Dollar. ETH/USD must settle above $1,650 to start a strong upward move in the coming sessions.
Ethereum Price Analysis
After a break below the $1,720 support, Ethereum extended its decline against the US Dollar. ETH broke the $1,500 support zone and it even settled below the 55 simple moving average (4-hours).
The price traded towards the $1,300 zone. A low was formed near $1,293 before the price started a strong recovery wave. The bulls pushed the price above the $1,300 and $1,400 levels. There was also a break above the 50% Fib retracement level of the downward move from the $1,715 swing high to $1,393 low.
There was also a break a key bearish trend line with resistance near $1,480 on the 4-hours chart. The price is now trading nicely above $1,500 and $1,520. However, it is facing resistance near the $1,600 zone and the 55 simple moving average (4-hours).
There is also a connecting bearish trend line with resistance at $1,630 on the same chart. The 76.4% Fib retracement level of the downward move from the $1,715 swing high to $1,393 low is also near $1,615.
Therefore, the price must clear the trend line resistance and $1,650 to move further higher. The next major resistance is near the $1,715 zone, above which the price could rally again. Conversely, the price might start a fresh decline below $1,550.
An initial support is near the $1,500 level. The main support is now forming near the $1,400 zone, below which there is a risk of a drop towards the $1,200 level.
Looking at the chart, Ethereum price is clearly testing a major resistance near $1,600 and the 55 simple moving average (4-hours). Overall, ether price is likely to continue higher if it clears the $1,650 and $1,700 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,500, followed by the $1,400 zone.
Key Resistance Levels – $1,650 and $1,715.