HomeAltcoin NewsEthereum Price Analysis: ETH Aims Larger Recovery Above $2,200

Ethereum Price Analysis: ETH Aims Larger Recovery Above $2,200

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  • Ethereum price started a decent recovery wave from the $1,700 zone against the US Dollar.
  • ETH price is now trading well above $2,000 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $1,850 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to correct further higher towards the $2,275 resistance zone in the near term.

Ethereum price is recovering higher above $2,000 against the US Dollar. ETH/USD could rise further, but the bears might appear near $2,275.

Ethereum Price Analysis

There was a downside extension in ethereum below the $2,000 support zone against the US Dollar. ETH price even broke the $1,800 level and settled below the 55 simple moving average (4-hours).

However, the bulls appeared near the $1,700 zone. A low was formed near $1,698 before the price started a strong increase. There was a break above the $1,850 and $1,880 resistance levels. The price climbed above the 23.6% Fib retracement level of the key decline from the $2,649 swing high to $1,698 low.

There was also a break above a key bearish trend line with resistance near $1,850 on the 4-hours chart. The pair is now trading well above $2,000 and the 55 simple moving average (4-hours).

An immediate resistance is near the $2,175 level. It is near the 50% Fib retracement level of the key decline from the $2,649 swing high to $1,698 low. The next major resistance is near the $2,275 level (the last key breakdown zone).

Any more gains could set the pace for a move towards the $2,500 level. On the downside, an immediate support is near the $2,040 level. The next major support is near the $1,850 level. Any more losses could set the pace for a drop towards the $1,700 support zone in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $2,000 zone and the 55 simple moving average (4-hours). Overall, ether price is likely to correct further higher towards the $2,275 resistance zone in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 50 level.

Key Support Levels – $2,050, followed by the $1,850 zone.

Key Resistance Levels – $2,175 and $2,275.

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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