HomeAltcoin NewsEthereum Price Analysis: ETH Bulls Aim $1,800 or Higher

Ethereum Price Analysis: ETH Bulls Aim $1,800 or Higher

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  • Ethereum price started a major increase above the $1,600 level against the US Dollar.
  • ETH price is now trading above $1,600 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $1,570 on the 4-hours chart (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $1,700 resistance zone.

Ethereum price is rising above the $1,600 level against the US Dollar. ETH/USD could rise further if it clears the $1,720 resistance zone.

Ethereum Price Analysis

This week, ethereum saw a decent increase above the $1,530 zone against the US Dollar. ETH price was able to clear the $1,580 and $1,600 resistance levels after it formed a base above the $1,530 zone.

The price rallied sharply above the $1,600 and $1,620 levels. There was a break above a key bearish trend line with resistance near $1,570 on the 4-hours chart. There was a clear move above the 50% Fib retracement level of the downward move from the $1,722 swing high to $1,420 low.

It is now trading above the $1,600 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $1,650 level. It is near the 76.4% Fib retracement level of the downward move from the $1,722 swing high to $1,420 low.

The next major resistance is near the $1,700 zone or $1,720, above which the price could rise towards the $1,800 level. Any more gains could even send the price above the $2,000 resistance zone. An intermediate hurdle could be near the $1,950 level.

On the downside, an initial support is near the $1,570 level. The next major support is now near the $1,550 level and the 55 simple moving average (4-hours). A break below the $1,550 support could push the price to $1,500. Any more losses could lead the price towards $1,420.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could gain bullish momentum if it clears the $1,700 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 – $1,550, followed by the $1,420 zone.

Key Resistance$ Levels – $1,720 and $2,000.

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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