- 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.
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.
