Ethereum price is showing positive signs above the ,220 level against the US Dollar. ETH price is now trading above ,230 and the 55 simple moving average (4-hours). There is a major contracting triangle forming with resistance near ,290 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it clears the ,290 resistance zone. Ethereum price is rising above the ,220 level against the US Dollar. ETH/USD could rise further if it clears the ,290 resistance zone. Ethereum Price Analysis In the past few days, ethereum saw a decent increase above the ,200 level against the US Dollar. ETH price was able to gain pace for a move above the ,230 level and the 55 simple moving average (4-hours). The bulls even cleared the ,250 resistance
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- Ethereum price is showing positive signs above the $1,220 level against the US Dollar.
- ETH price is now trading above $1,230 and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $1,290 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it clears the $1,290 resistance zone.
Ethereum price is rising above the $1,220 level against the US Dollar. ETH/USD could rise further if it clears the $1,290 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,200 level against the US Dollar. ETH price was able to gain pace for a move above the $1,230 level and the 55 simple moving average (4-hours).
The bulls even cleared the $1,250 resistance zone. However, they struggled to clear the $1,300 and $1,310 resistance levels. There was a downside correction below the $1,260 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,151 swing low to $1,310 high.
On the downside, the price found support near the $1,230 zone. It remained stable above the 50% Fib retracement level of the upward move from the $1,151 swing low to $1,310 high.
The price is now rising above $1,230 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $1,280 level. The next major resistance is near the $1,290 zone. Any more gains could even send the price towards the $1,400 resistance zone in the near term.
On the downside, an initial support is near the $1,250 level. The next major support is now near the $1,230 level and the triangle lower trend line. A break below the $1,230 support could push the price to $1,185. Any more losses could lead the price towards $1,120 or even $1,070 in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $1,230 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,290 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 – $1,250, followed by the $1,230 zone.
Key Resistance$ Levels – $1,290 and $1,310.