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HomeAltcoin NewsEthereum Price Analysis: ETH Aims Fresh Rally

Ethereum Price Analysis: ETH Aims Fresh Rally

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  • Ethereum price started a fresh increase above $4,200 against the US Dollar.
  • ETH price is now trading above $4,200 and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $4,350 on the 4-hours chart (data feed from Coinbase).
  • The pair could start a fresh rally if it clears the $4,350 resistance zone.

Ethereum price is showing positive signs above $4,200 against the US Dollar. ETH/USD could gain pace above the $4,350 and $4,400 levels in the near term.

Ethereum Price Analysis

After forming a base above $3,850, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $4,200 level and the 55 simple moving average (4-hours).

The price climbed above the $4,250 and $4,350 resistance levels. It even traded above the $4,400 level and formed a high near $4,461. Recently, there was a downside correction below $4,400. There was a break below the 23.6% Fib retracement level of the upward move from the $3,899 swing low to $4,461 high.

However, the price is stable above the $4,200 level and the 55 simple moving average (4-hours). An immediate support on the downside is near the $4,280 level.

The first major support is now near the $4,250 level. There is also a major contracting triangle forming with resistance near $4,350 on the 4-hours chart. The next major support is near the $4,200 level. If there is a downside break below the $4,250 and $4,200 support levels, the price could retest $4,000.

Any more losses could lead the price towards $3,850. An immediate resistance is near the $4,340 level.  The main resistance is now forming near the $4,350 level. A close above the $4,350 level could open the doors for another increase.

The next major resistance for the bulls might be near the $4,400 level. Any more gains could lead the price towards the $4,450 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $4,200 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh rally if it clears the $4,350 resistance zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly 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 – $4,250, followed by the $4,200 zone.

Key Resistance$ Levels – $4,350 and $4,400.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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