- Ethereum price is holding gains above the $1,600 and $1,700 resistance levels against the US Dollar.
- ETH price is currently trading well above $1,750 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1,730 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to start a strong surge if it clears the $1,840 resistance level.
Ethereum price is eyeing more upsides above $1,850 against the US Dollar. ETH/USD may soon test the $2,000 level as long as there is no close below the $1,700 level.
Ethereum Price Analysis
In the past few days, Ethereum made a couple of attempts to gain strength above $1,850 against the US Dollar. However, ETH price failed to continue higher and it recently corrected lower below $1,750.
There was a break below the $1,700 level. The price spiked below the $1,680 level and the 55 simple moving average (4-hours). It found support near the $1,650 zone and started a fresh increase. The bulls took control and the price recovered above $1,700.
There was a break above the 50% Fib retracement level of the downward move from the $1,879 high to $1,658 low. It is now trading well above $1,750 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1,730 on the 4-hours chart.
On the upside, the price is facing a major hurdle at $1,850. A key connecting bearish trend line is also in place with resistance near $1,840. The 76.4% Fib retracement level of the downward move from the $1,879 high to $1,658 low is also near $1,825.
Therefore, the price must clear the $1,840 and $1,850 resistance levels to continue higher. If the bulls succeed, the price might surge towards the $2,000 level.
Conversely, there is a risk of a downside break below the trend line support and $1,700. In the stated case, the price may revisit the $1,550 support in the near term.
Looking at the chart, Ethereum price is clearly trading in a bullish zone above $1,750 and the 55 simple moving average (4-hours). Overall, ether price is likely to start a strong surge if it clears the $1,840 resistance level.
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 still above the 50 level.
Key Support Levels – $1,740, followed by the $1,550 zone.
Key Resistance Levels – $1,850 and $2,000.
