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HomeAltcoin NewsEthereum Price Analysis: ETH Could Extend Rally

Ethereum Price Analysis: ETH Could Extend Rally

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  • Ethereum price started a fresh increase above $4,000 against the US Dollar.
  • ETH price is now trading above $4,000 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $4,120 the 4-hours chart (data feed from Coinbase).
  • The pair could start a fresh rally if it clears the $4,260 resistance zone.

Ethereum price is showing positive signs above $4,000 against the US Dollar. ETH/USD could gain pace above the $4,250 and $4,260 levels in the near term.

Ethereum Price Analysis

After forming a base above $3,500, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $4,000 level and the 55 simple moving average (4-hours).

The price climbed above the $4,200 and $4,300 resistance levels. It even traded above the $4,350 level and formed a high near the $4,275. Recently, there was a downside correction below $4,200. However, downside were limited below $4,000.

A low was formed near $3,885 and the price is now rising. There was a break above the $4,100 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $4,375 swing high to $3,885 low.

An immediate resistance is near the $4,250 level.  The main resistance is now forming near the $4,260 level. It is near the 76.4% Fib retracement level of the downward move from the $4,375 swing high to $3,885 low.

A close above the $4,260 level could open the doors for another increase. The next major resistance for the bulls might be near the $4,375 level. Any more gains could lead the price towards the $4,400 level. An immediate support on the downside is near the $4,150 level.

The first major support is now near the $4,100 level. There is also a major bullish trend line forming with support near $4,120 the 4-hours chart. The next major support is near the $4,000 level. If there is a downside break below the $4,100 and $4,000 support levels, the price could retest $3,800. Any more losses could lead the price towards $3,500.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $4,000 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh rally if it clears the $4,260 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 – $4,100, followed by the $4,000 zone.

Key Resistance$ Levels – $4,260 and $4,375.

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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