Ethereum price extended its increase above the ,300 resistance against the US Dollar. ETH price is now trading above ,200 and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near ,260 on the 4-hours chart (data feed from Coinbase). The pair could continue to rise as long as it is above ,260 and ,200. Ethereum price is showing positive signs above ,200 against the US Dollar. ETH/USD must stay above the ,200 support to continue higher in the near term. Ethereum Price Analysis In the past few days, ethereum started a steady increase above the ,000 zone against the US Dollar. ETH price gained pace after it broke the ,200 resistance zone. There was also a close above the ,200 level and the 55 simple
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- Ethereum price extended its increase above the $3,300 resistance against the US Dollar.
- ETH price is now trading above $3,200 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $3,260 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to rise as long as it is above $3,260 and $3,200.
Ethereum price is showing positive signs above $3,200 against the US Dollar. ETH/USD must stay above the $3,200 support to continue higher in the near term.
Ethereum Price Analysis
In the past few days, ethereum started a steady increase above the $3,000 zone against the US Dollar. ETH price gained pace after it broke the $3,200 resistance zone.
There was also a close above the $3,200 level and the 55 simple moving average (4-hours). The price accelerated higher above the $3,250 and $3,300 levels. It even spiked above the $3,350 level. A high is formed near $3,383, and the price is now consolidating gains.
It corrected lower below the $3,300 level. It is now testing the 23.6% Fib retracement level of the upward move from the $2,964 swing low to $3,383 high.
An immediate support is near the $3,280 level. The first key support is near the $3,260 level. There is also a major bullish trend line forming with support near $3,260 on the 4-hours chart. If there is a downside break below the trend line support, the price could test $3,200.
The 50% Fib retracement level of the upward move from the $2,964 swing low to $3,383 high is near $3,200 to act as a strong support along with the 55 simple moving average (4-hours). Any more losses could lead the price below $3,120. The next major support is near $3,000.
On the upside, an initial resistance is near the $3,350 zone. The first major resistance is near the $3,380 level, above which the price is likely to resume its rally in the near term. The next stop for the bulls could be near the $3,500 level.
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 to rise as long as it is above $3,260 and $3,200.
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 – $3,260, followed by the $3,200 zone.
Key Resistance Levels – $3,350 and $3,380.