HomeAltcoin NewsEthereum Price Analysis: ETH Could Rally Toward $1,800

Ethereum Price Analysis: ETH Could Rally Toward $1,800

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  • Ethereum price is moving higher above the $1,600 resistance against the US Dollar.
  • ETH price is now trading above $1,600 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $1,625 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,600 support zone.

Ethereum price is rising above the $1,600 level against the US Dollar. ETH/USD could rise further if it clears the $1,660 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase above the $1,600 level against the US Dollar. ETH price was able to gain pace for a move above the $1,620 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $1,650 resistance zone. A high is formed near $1,669 and the price is now consolidating gains. It is trading above the $1,620 level. It is testing the 23.6% Fib retracement level of the upward wave from the $1,530 swing low to the $1,669 high.

Ether’s price is showing positive signs above $1,600 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $1,625 on the 4-hour chart.

Immediate resistance on the upside is near the $1,660 level. The next major resistance is near the $1,720 zone. A clear move above the $1,720 level could send the price toward $1,800. Any more gains could even send the price toward the $1,880 resistance zone or $2,000 in the near term.

On the downside, initial support is near the $1,625 level and the trend line. The next major support is now near the $1,600 level or the 50% Fib retracement level of the upward wave from the $1,530 swing low to the $1,669 high.

A break below the $1,600 support could push the price to $1,530. Any more losses could lead the price towards $1,450.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum’s price is trading above the $1,620 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $1,600 support zone.

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 – $1,620, followed by the $1,600 zone.

Key Resistance$ Levels – $1,660 and $1,720.

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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