- 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.
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.
