Ethereum price is consolidating gains above the ,500 level against the US Dollar. ETH price is now trading below ,600 and the 55 simple moving average (4-hours). There is a major contacting triangle forming with support near ,540 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it stays above the ,440 support zone. Ethereum price is consolidating above the ,500 level against the US Dollar. ETH/USD could rise further if it clears the ,600 resistance zone. Ethereum Price Analysis In the past few days, ethereum saw a decent increase above the ,550 level against the US Dollar. ETH price was able to gain pace for a move above the ,600 level and the 55 simple moving average (4-hours). The bulls even cleared the ,650
Topics:
Aayush Jindal considers the following as important: Altcoin News, ETH, Ethereum, News, Trading
This could be interesting, too:
Steve Muchoki writes Binance Founder Changpeng Zhao Apologizes in Letter to Presiding Judge Ahead of Upcoming Sentencing
Temitope Olatunji writes Figment Soars with Record-Breaking Growth in Q1 2024 and Expanded Staking Services
Chimamanda U. Martha writes Strike Launches Crypto Payment Services in Europe
Godfrey Benjamin writes Ripple IPO: David Schwartz Makes Key Expose on His Stock Option
- Ethereum price is consolidating gains above the $1,500 level against the US Dollar.
- ETH price is now trading below $1,600 and the 55 simple moving average (4-hours).
- There is a major contacting triangle forming with support near $1,540 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,440 support zone.
Ethereum price is consolidating above the $1,500 level against the US Dollar. ETH/USD could rise further if it clears the $1,600 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,550 level against the US Dollar. ETH price was able to gain pace for a move above the $1,600 level and the 55 simple moving average (4-hours).
The bulls even cleared the $1,650 resistance zone. However, the bears were active near the $1,660 and $1,680 levels. A high was formed near $1,661 and the price saw a downside correction. There was a move below the $1,620 and $1,600 levels.
The price is now trading below $1,600 and the 55 simple moving average (4-hours). There is also a major contacting triangle forming with support near $1,540 on the 4-hours chart.
It traded as low as $1,534 and is currently consolidating. An immediate resistance on the upside is near the $1,600 level and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the recent decline from the $1,661 swing high to $1,534 low.
The next major resistance is near the $1,630 zone. It is close to the 76.4% Fib retracement level of the recent decline from the $1,661 swing high to $1,534 low.
Any more gains could even send the price towards the $1,750 resistance zone in the near term. On the downside, an initial support is near the $1,540 level. The next major support is now near the $1,500 level. The main support is near the $1,440 level.
A break below the $1,440 support could push the price to $1,320. Any more losses could lead the price towards $1,250 or even $1,220 in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading below the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,440 support zone.
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 below the 50 level.
Key Support Levels – $1,540, followed by the $1,440 zone.
Key Resistance$ Levels – $1,600 and $1,630.