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HomeAltcoin NewsEthereum Price Analysis: ETH Could Rally Further To $3,500

Ethereum Price Analysis: ETH Could Rally Further To $3,500

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  • Ethereum price extended its increase above the $3,200 resistance against the US Dollar.
  • ETH price is now trading near $3,150 and the 55 simple moving average (4-hours).
  • There is a key rising channel forming with support near $3,100 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to rise as long as it is above $3,100 and $3,000.

Ethereum price is showing positive signs above $3,100 against the US Dollar. ETH/USD must stay above the $3,000 support to continue higher in the near term.

Ethereum Price Analysis

In the past few days, ethereum started a steady increase above the $2,850 zone against the US Dollar. ETH price gained pace after it broke the $3,000 resistance zone.

There was also a close above the $3,000 level and the 55 simple moving average (4-hours). The price accelerated higher above the $3,150 and $3,200 levels. It even spiked above the $3,300 level. A high was formed near $3,342 and it is now correcting gains.

There was a break below the 50% Fib retracement level of the upward move from the $2,977 swing low to $3,342 high. There was also a break below the $3,250 and $3,200 support levels. It even tested the $3,100 support zone.

It seems like the bulls are protecting the 61.8% Fib retracement level of the upward move from the $2,977 swing low to $3,342 high. The price is now trading near $3,150 and the 55 simple moving average (4-hours). There is also a key rising channel forming with support near $3,100 on the 4-hours chart.

If there is a downside break below the channel support, the price could revisit $3,000. Any more losses could lead the price below $2,950. The next major support is near $2,880, below which the bulls might lose control.

On the upside, an initial resistance is near the $3,220 zone. The first major resistance is near the $3,300 level, above which the price is likely to resume its rally in the near term. The next stop for the bulls could be near the $3,500 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading near the $3,150 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to rise as long as it is above $3,100 and $3,000.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now just below the 50 level.

Key Support Levels – $3,100, followed by the $3,000 zone.

Key Resistance Levels – $3,250 and $3,300.

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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