HomeAltcoin NewsEthereum Price Analysis: ETH Could Gain Pace Above $2.8K

Ethereum Price Analysis: ETH Could Gain Pace Above $2.8K

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  • Ethereum price started a fresh increase from the $2,150 zone against the US Dollar.
  • ETH price is now trading above $2,500 and the 55 simple moving average (4-hours).
  • There is a major rising channel forming with support near $2,555 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to move rise if there is a clear move above the $2,800 resistance.

Ethereum price is showing positive signs above $2,500 against the US Dollar. ETH/USD might rally if there is a clear move above the $2,800 level.

Ethereum Price Analysis

Recently, ethereum formed a base above the $2,200 level against the US Dollar. ETH price started a steady upward move to move into a positive zone above $2,400.

The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,270 swing high to $2,160 swing low. It is now trading above $2,500 and the 55 simple moving average (4-hours). There is also a major rising channel forming with support near $2,555 on the 4-hours chart.

On the upside, the price is facing resistance near the $2,750 level. The first major resistance is now forming near the $2,800 level. A close above the $2,800 level could start a major increase. The next major stop for the bulls could be near the $3,000 level.

It is near the 76.4% Fib retracement level of the downward move from the $3,270 swing high to $2,160 swing low. If there is no upside break above $2,800, the price start a downside correction.

An immediate support on the downside is near the $2,650 level. The next major support is now near the $2,550 level. A break below the $2,550 support could push the price to $2,450. Any more losses could lead the price towards $2,320. The next major support is near the $2,200, where the bulls might take a stand.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $2,500 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move rise if there is a clear move above the $2,800 resistance.

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 – $2,550, followed by the $2,450 zone.

Key Resistance$ Levels – $2,800 and $3,000.

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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