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Ethereum Price Analysis: ETH Gains Pace Above $3,200

Summary:
Ethereum price started a fresh increase above ,000 against the US Dollar. ETH price is now trading above ,200 and the 55 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near ,100 on the 4-hours chart (data feed from Coinbase). The pair could continue higher as long as it is above the ,100 support zone. Ethereum price is showing positive signs above ,120 against the US Dollar. ETH/USD could accelerate higher above the ,400 and ,500 levels in the near term. Ethereum Price Analysis After a major decline, ethereum formed a base above the ,700 zone against the US Dollar. ETH price started a steady increase above the ,850 level and the 55 simple moving average (4-hours). The price climbed above the

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  • Ethereum price started a fresh increase above $3,000 against the US Dollar.
  • ETH price is now trading above $3,200 and the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $3,100 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue higher as long as it is above the $3,100 support zone.

Ethereum price is showing positive signs above $3,120 against the US Dollar. ETH/USD could accelerate higher above the $3,400 and $3,500 levels in the near term.

Ethereum Price Analysis

After a major decline, ethereum formed a base above the $2,700 zone against the US Dollar. ETH price started a steady increase above the $2,850 level and the 55 simple moving average (4-hours).

The price climbed above the $2,950 and $3,000 resistance levels. There was also a break above a major contracting triangle with resistance near $3,100 on the 4-hours chart. It even traded above the $3,200 level and formed a high near the $3,489.

The price is now correcting gains and trading below $3,400. It tested the 23.6% Fib retracement level of the recent increase from the $2,781 swing low to $3,489 high.

An immediate support on the downside is near the $3,300 level. The first major support is now near the $3,150 level. It is close to the 50% Fib retracement level of the recent increase from the $2,781 swing low to $3,489 high, and the 55 simple moving average (4-hours).

If there is a downside break below the $3,150 and $3,100 support levels, the price could retest $3,000. Any more losses could lead the price towards $2,800.

An immediate resistance is near the $3,480 level. The main resistance is now forming near the $3,500 level. A close above the $3,500 level could open the doors for a fresh increase. The next major resistance for the bulls might be near the $3,780 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could continue higher as long as it is above the $3,100 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 still above the 50 level.

Key Support Levels – $3,150, followed by the $3,000 zone.

Key Resistance$ Levels – $3,500 and $3,780.

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