Ethereum price is gaining pace above the ,500 level against the US Dollar. ETH price is now trading above ,450 and the 55 simple moving average (4-hours). There is a key declining channel forming with resistance near ,605 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it clears the ,650 resistance zone. Ethereum price is rising above the ,400 level against the US Dollar. ETH/USD could rise further if it clears the ,650 resistance zone. Ethereum Price Analysis This past week, ethereum saw a strong increase above the ,300 level against the US Dollar. ETH price was able to gain pace for a move above the ,400 level and the 55 simple moving average (4-hours). The upward move was such that the price broke the ,500
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- Ethereum price is gaining pace above the $1,500 level against the US Dollar.
- ETH price is now trading above $1,450 and the 55 simple moving average (4-hours).
- There is a key declining channel forming with resistance near $1,605 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it clears the $1,650 resistance zone.
Ethereum price is rising above the $1,400 level against the US Dollar. ETH/USD could rise further if it clears the $1,650 resistance zone.
Ethereum Price Analysis
This past week, ethereum saw a strong increase above the $1,300 level against the US Dollar. ETH price was able to gain pace for a move above the $1,400 level and the 55 simple moving average (4-hours).
The upward move was such that the price broke the $1,500 resistance. It traded as high as $1,664 before there was a downside correction. There was a minor move below the $1,600 level. The price declined below the 50% Fib retracement level of the upward move from the $1,479 swing low to $1,664 high.
However, the bulls were active near the $1,550 support zone. It tested the 61.8% Fib retracement level of the upward move from the $1,479 swing low to $1,664 high.
The price is now trading above $1,450 and the 55 simple moving average (4-hours). The price is now consolidating gains near the It is now facing sellers near the $1,580 and $1,600 levels. There is also a key declining channel forming with resistance near $1,605 on the 4-hours chart.
The next major resistance is near the $1,650 zone. Any more gains could even send the price towards the $1,800 resistance zone in the near term. On the downside, an initial support is near the $1,550 level.
The next major support is now near the $1,500 level. A break below the $1,500 support could push the price to $1,350. Any more losses could lead the price towards $1,220, below which there is a risk of a larger decline in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $1,420 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,650 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now 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 – $1,550, followed by the $1,500 zone.
Key Resistance$ Levels – $1,600 and $1,650.