Ethereum price started a fresh increase from the ,200 support zone against the US Dollar. ETH price is now trading above ,400 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,420 on the 4-hours chart (data feed from Coinbase). The pair could continue to move up if it clears the ,550 resistance zone. Ethereum price is gaining pace above ,400 against the US Dollar. ETH/USD eyes more upsides if there is no downside break below ,300. Ethereum Price Analysis Recently, ethereum saw a fresh increase after it formed a base above ,200 against the US Dollar. ETH price traded above the ,350 resistance to move into a positive zone. The price even climbed above the ,400 level and the 55 simple moving average
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- Ethereum price started a fresh increase from the $3,200 support zone against the US Dollar.
- ETH price is now trading above $3,400 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $3,420 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to move up if it clears the $3,550 resistance zone.
Ethereum price is gaining pace above $3,400 against the US Dollar. ETH/USD eyes more upsides if there is no downside break below $3,300.
Ethereum Price Analysis
Recently, ethereum saw a fresh increase after it formed a base above $3,200 against the US Dollar. ETH price traded above the $3,350 resistance to move into a positive zone.
The price even climbed above the $3,400 level and the 55 simple moving average (4-hours). Finally, there was a break above the $3,500 level and the price traded as high as $3,581. It is now consolidating gains and trading near the $3,500 zone.
There was a move below the 23.6% Fib retracement level of the upward move from the $3,211 swing low to $3,581 high. However, the bulls were active above the $3,400 level and the 55 simple moving average (4-hours).
The price stayed above the 50% Fib retracement level of the upward move from the $3,211 swing low to $3,581 high. There is also a key bullish trend line forming with support near $3,420 on the 4-hours chart. On the upside, the price is facing resistance near the $3,530 level. The first major resistance is now forming near the $3,550 level.
A clear move above the $3,550 level might start a steady increase. The next key resistance is near the $3,800 zone, above which the price might accelerate higher towards the $4,000 level.
If not, the price might correct lower below $3,400. The next major support is now near the $3,300 level. A break below the $3,300 support could push the price to $3,200. Any more losses could lead the price towards $3,050 or even $3,000.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $3,400 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move up if it clears the $3,550 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 – $3,300, followed by the $3,200 zone.
Key Resistance$ Levels – $3,550 and $3,850.