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Ethereum Price Analysis: ETH Trims Gains From $4,220, But Dips Limited

Summary:
Ethereum price started a fresh rally above the ,000 resistance against the US Dollar. ETH price is currently trading well above ,500 and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near ,800 on the 4-hours chart (data feed from Coinbase). The pair is correcting gains, but it is likely to find bids near the ,800 and ,600 levels. Ethereum price extended its rally above the ,000 level against the US Dollar. ETH/USD rallied to ,226 and it is now correcting gains. Ethereum Price Analysis After a proper close above ,200, ethereum found extended its rally against the US Dollar. ETH broke many hurdles near ,400 and ,500 to move into further into a bullish zone. The price broke the ,000 barrier and

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  • Ethereum price started a fresh rally above the $4,000 resistance against the US Dollar.
  • ETH price is currently trading well above $3,500 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $3,800 on the 4-hours chart (data feed from Coinbase).
  • The pair is correcting gains, but it is likely to find bids near the $3,800 and $3,600 levels.

Ethereum price extended its rally above the $4,000 level against the US Dollar. ETH/USD rallied to $4,226 and it is now correcting gains.

Ethereum Price Analysis

After a proper close above $3,200, ethereum found extended its rally against the US Dollar. ETH broke many hurdles near $3,400 and $3,500 to move into further into a bullish zone.

The price broke the $4,000 barrier and settled well above the 55 simple moving average (4-hours). A new all-time high is formed near $4,226 and the price is now correcting gains. It spiked below the $4,000 and $3,800 support levels.

However, the price remained well bid above the $3,600 level. A low is formed near $3,661 and the price is now recovering losses. It climbed above the 23.6% Fib retracement level of the recent decline from the $4,226 high to $3,661 low.

The price is now trading well above $3,500 and the 55 simple moving average (4-hours). An immediate resistance is near the $3,943 level. It is near the 50% Fib retracement level of the recent decline from the $4,226 high to $3,661 low.

The main resistance is now near the $4,000 level. A successful close above the $4,000 level could trigger another rally. The next major resistance could be near the recent high at $4,226.

On the downside, the $3,800 level is a key support. There is also a major bullish trend line forming with support near $3,800 on the 4-hours chart. If there is a downside break below the trend line, the price could test the $3,600 support. The main support is near the 55 simple moving average (4-hours) at $3,500.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $3,500 level and the 55 simple moving average (4-hours). Overall, ether price is correcting gains, but it is likely to find bids near the $3,800 and $3,600 levels.

Technical indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now approaching the 50 level.

Key Support Levels – $3,800, followed by the $3,600 zone.

Key Resistance Levels – $4,000 and $4,220.

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