HomeAltcoin NewsEthereum Price Analysis: ETH Could Resume Increase Above $1,885

Ethereum Price Analysis: ETH Could Resume Increase Above $1,885

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  • Ethereum price is eyeing an upside break above the $1,885 resistance against the US Dollar.
  • ETH price is now trading above $1,835 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $1,850 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,835 support zone.

Ethereum price is consolidating above the $1,835 level against the US Dollar. ETH/USD could rise again if it clears the $1,885 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a bearish wave from the $1,885 zone against the US Dollar. ETH price declined below the $1,850 level and the 55 simple moving average (4 hours).

The bears even pushed the price below the $1,820 level. A low was formed near $1,800 and the price is now attempting a fresh increase. There was a move above the $1,835 resistance level. The price also broke the $1,850 resistance level.

Besides, there was a break above a major bearish trend line with resistance near $1,850 on the 4-hour chart. However, it is still struggling near $1,885. A high is formed near $1,876 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.

Support Intact?

It is now trading above $1,835 and the 55 simple moving average (4 hours). On the downside, initial support is near the $1,835 level or the 50% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.

The next major support is now near the $1,810 level. A break below the $1,810 support could push the price to $1,780. Any more losses could lead the price toward $1,750 or even $1,720 in the coming days.

Immediate resistance on the upside is near the $1,875 level. The next major resistance is near the $1,885 zone. A clear move above the $1,885 level could send the price toward $1,920. Any more gains could even send the price toward the $1,980 resistance zone or $2,000 in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,830 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,835 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,835, followed by the $1,810 zone.

Key Resistance$ Levels – $1,875 and $1,885.

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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