HomeAltcoin NewsEthereum Price Analysis: ETH Could Regain Strength Above $2,350

Ethereum Price Analysis: ETH Could Regain Strength Above $2,350

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  • Ethereum price is eyeing an upside break above the $2,350 resistance against the US Dollar.
  • ETH price is now trading above $2,280 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $2,250 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $2,240 support zone.

Ethereum price is consolidating above the $2,280 level against the US Dollar. ETH/USD could rise again if it clears the $2,350 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase from the $2,165 zone against the US Dollar. ETH price moved above the $2,180 and $2,220 levels to move into a positive zone.

There was a break above a key bearish trend line with resistance near $2,250 on the 4-hour chart. The price even cleared the 23.6% Fib retracement level of the last downward move from the $2,687 swing high to the $2,165 low. The price settled above the $2,280 level.

Ethereum is now trading above $2,280 and the 55 simple moving average (4 hours). On the downside, initial support is near the $2,280 level or the 55 simple moving average (4 hours).

The next major support is now near the $2,240 level. A break below the $2,240 support could push the price to $2,165. Any more losses could lead the price toward $2,080 or even $2,020 in the coming days. Immediate resistance on the upside is near the $2,350 level.

The next major resistance is near the $2,420 zone or the 50% Fib retracement level of the last downward move from the $2,687 swing high to the $2,165 low. A clear move above the $2,420 level could send the price toward $2,500. Any more gains could even send the price toward the $2,620 resistance zone or $2,700 in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $2,250 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,240 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 – $2,240, followed by the $2,165 zone.

Key Resistance$ Levels – $2,350 and $2,450.

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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