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Ethereum Price Analysis: Rally Possible Above This Hurdle

Summary:
Ethereum price is gaining pace above the ,200 level against the US Dollar. ETH price is now trading above ,220 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,240 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it clears the ,300 resistance zone. Ethereum price is rising above the ,200 level against the US Dollar. ETH/USD could rise further if it clears the ,300 resistance zone. Ethereum Price Analysis This past week, ethereum saw a strong increase above the ,200 level against the US Dollar. ETH price was able to gain pace for a move above the ,220 level and the 55 simple moving average (4-hours). The upward move was such that the price broke the ,250 resistance. It traded as high

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  • Ethereum price is gaining pace above the $1,200 level against the US Dollar.
  • ETH price is now trading above $1,220 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $1,240 on the 4-hours chart (data feed from Coinbase).
  • The pair could climb further if it clears the $1,300 resistance zone.

Ethereum price is rising above the $1,200 level against the US Dollar. ETH/USD could rise further if it clears the $1,300 resistance zone.

Ethereum Price Analysis

This past week, ethereum saw a strong increase above the $1,200 level against the US Dollar. ETH price was able to gain pace for a move above the $1,220 level and the 55 simple moving average (4-hours).

The upward move was such that the price broke the $1,250 resistance. It traded as high as $1,311 before there was a downside correction. There was a minor move below the $1,280 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,150 swing low to $1,311 high.

However, the bulls were active near the $1,250 support zone. The price is now trading above $1,220 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1,240 on the 4-hours chart.

An immediate resistance on the upside is near the $1,280 level. The next major resistance is near the $1,300 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 $1,240 level.

The next major support is now near the $1,230 level. It is near the 50% Fib retracement level of the upward move from the $1,150 swing low to $1,311 high.

A break below the $1,230 support could push the price to $1,180. Any more losses could lead the price towards $1,100, below which there is a risk of a larger decline in the coming days.

Ethereum Price Analysis: Rally Possible Above This Hurdle

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,220 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,300 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 – $1,230, followed by the $1,180 zone.

Key Resistance$ Levels – $1,300 and $1,400.

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