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HomeAltcoin NewsEthereum Price Analysis: ETH Aims Fresh Surge Above $3,050

Ethereum Price Analysis: ETH Aims Fresh Surge Above $3,050

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  • Ethereum price started a fresh decline from the $3,180 zone against the US Dollar.
  • ETH price is now trading near $3,000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $3,050 on the 4-hours chart (data feed from Coinbase).
  • The pair must clear $3,050 to start a fresh increase in the near term.

Ethereum price is struggling below $3,050 against the US Dollar. ETH/USD remains at a risk of more downsides if it stays below the $3,050 resistance zone.

Ethereum Price Analysis

Recently, ethereum struggled to clear the $3,180 resistance against the US Dollar. ETH price started a fresh decline below the $3,050 level and moved into a bearish zone.

The pair even declined below the $3,000 level and settled below the 55 simple moving average (4-hours). A low was formed $2,797 and the price started a fresh increase. There was a move above the $2,855 and $2,950 resistance levels.

The price climbed above the 50% Fib retracement level of the downward move from the $3,179 swing high to $2,797 low. It is now trading near $3,000 and the 55 simple moving average (4-hours).

On the upside, the price is facing resistance near the $3,050 level. There is also a major bearish trend line forming with resistance near $3,050 on the 4-hours chart. The trend line is near the 61.8% Fib retracement level of the downward move from the $3,179 swing high to $2,797 low.

A clear move above the $3,050 level might start a steady increase. The next key resistance is near the $3,180 zone, above which the price might accelerate higher towards the $3,250 level.

On the downside, an initial support is near the $2,955 level. The next major support is now near the $2,880 level. A break below the $2,880 support could push the price to $2,800. Any more losses could lead the price towards $2,720 or even $2,650.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading near the $3,000 zone and the 55 simple moving average (4-hours). Overall, ether price must clear $3,050 to start a fresh increase in the near term.

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 – $2,955, followed by the $2,880 zone.

Key Resistance$ Levels – $3,050 and $3,180.

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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