Ethereum price started a fresh increase from the ,500 support zone against the US Dollar. ETH price is now trading above ,800 and the 55 simple moving average (4-hours). There is a key rising channel forming with support near ,900 on the 4-hours chart (data feed from Coinbase). The pair could continue to move down if it fails to stay above the ,900 support. Ethereum price is consolidating below ,000 against the US Dollar. ETH/USD eyes more upsides if there is no downside break below ,900. Ethereum Price Analysis Recently, ethereum saw a fresh increase after it formed a base above ,900 against the US Dollar. ETH price traded above the ,750 resistance to move into a positive zone. The price even climbed above the ,900 level and the 55 simple moving
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- Ethereum price started a fresh increase from the $2,500 support zone against the US Dollar.
- ETH price is now trading above $2,800 and the 55 simple moving average (4-hours).
- There is a key rising channel forming with support near $2,900 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to move down if it fails to stay above the $2,900 support.
Ethereum price is consolidating below $3,000 against the US Dollar. ETH/USD eyes more upsides if there is no downside break below $2,900.
Ethereum Price Analysis
Recently, ethereum saw a fresh increase after it formed a base above $2,900 against the US Dollar. ETH price traded above the $2,750 resistance to move into a positive zone.
The price even climbed above the $2,900 level and the 55 simple moving average (4-hours). Finally, there was a break above the $3,000 level and the price traded as high as $3,053. It is now correcting lower and trading below the $3,000 level.
However, it is still above $2,900 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $3,000 level. The first major resistance is now forming near the $3,050 level.
A clear move above the $3,050 level might start a steady increase. The next key resistance is near the $3,150 zone, above which the price might accelerate higher towards the $3,250 level.
If not, the price might correct lower below $2,920. The stated level is near the 23.6% Fib retracement level of the upward move from the $2,492 swing low to $3,053 high. There is also a key rising channel forming with support near $2,900 on the 4-hours chart.
A downside break below the channel support might call for a move to $2,840. The next major support is now near the $2,820 level. A break below the $2,820 support could push the price to $2,780.
It is near the 50% Fib retracement level of the upward move from the $2,492 swing low to $3,053 high. Any more losses could lead the price towards $2,700 or even $2,650.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $2,900 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it fails to stay above the $2,900 support.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing 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 – $2,900, followed by the $2,780 zone.
Key Resistance$ Levels – $3,000 and $3,050.