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Ethereum Price Analysis: ETH Holds Key Uptrend Support

Summary:
Ethereum price is holding gains above the ,150 support against the US Dollar. ETH price is now trading near ,200 and the 55 simple moving average (4-hours). There is a major bullish trend line forming with support near ,150 on the 4-hours chart (data feed from Coinbase). The pair could continue to rise as long as it is above ,150 and ,140. Ethereum price is showing bearish signs below ,250 against the US Dollar. ETH/USD must stay above the ,150 support to continue higher in the near term. Ethereum Price Analysis In the past few days, ethereum made a couple of attempts to gain strength above ,350 against the US Dollar. ETH price failed to gain pace above ,350 and corrected lower. The last swing high was formed near ,347 before the price corrected

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  • Ethereum price is holding gains above the $3,150 support against the US Dollar.
  • ETH price is now trading near $3,200 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $3,150 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to rise as long as it is above $3,150 and $3,140.

Ethereum price is showing bearish signs below $3,250 against the US Dollar. ETH/USD must stay above the $3,150 support to continue higher in the near term.

Ethereum Price Analysis

In the past few days, ethereum made a couple of attempts to gain strength above $3,350 against the US Dollar. ETH price failed to gain pace above $3,350 and corrected lower.

The last swing high was formed near $3,347 before the price corrected lower. There was a break below the $3,250 support zone. The price traded below the 50% Fib retracement level of the upward move from the $3,147 swing low to $3,347 high.

It is now trading near $3,200 and the 55 simple moving average (4-hours). An immediate support is near the $3,195 level. It is close to the 76.4% Fib retracement level of the upward move from the $3,147 swing low to $3,347 high.

There is also a major bullish trend line forming with support near $3,150 on the 4-hours chart. If there is a downside break below the trend line support, the price could test $3,050. Any more losses could lead the price below $3,000. The next major support is near $2,850.

On the upside, an initial resistance is near the $3,250 zone. The first major resistance is near the $3,350 level, above which the price is likely to resume its increase in the near term. The next stop for the bulls could be near the $3,500 level. An intermediate resistance might be near the $3,420 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading near 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 $3,150 and $3,140.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

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

Key Support Levels – $3,150, followed by the $3,050 zone.

Key Resistance Levels – $3,250 and $3,350.

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