HomeAltcoin NewsEthereum Price Analysis: ETH Could Resume Increase Above $1,950

Ethereum Price Analysis: ETH Could Resume Increase Above $1,950

-

  • Ethereum price is eyeing an upside break above the $1,950 resistance against the US Dollar.
  • ETH price is now trading near $1,900 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $1,890 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,880 support zone.

Ethereum price is consolidating above the $1,850 level against the US Dollar. ETH/USD could rise again if it clears the $1,950 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a bearish wave from the $2,030 zone against the US Dollar. ETH price declined below the $1,950 level and the 55 simple moving average (4 hours).

The bears even pushed the price below the $1,900 level. A low was formed near $1,873 and the price is now attempting a fresh increase. There was a move above the $1,900 resistance level. The price broke the 23.6% Fib retracement level of the downward wave from the $2,029 swing high to the $1,873 low.

It is now trading near $1,900 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $1,920 level. The next major resistance is near the $1,950 zone.

The 50% Fib retracement level of the downward wave from the $2,029 swing high to the $1,873 low is also near the trend line. A clear move above the $1,950 level could send the price toward $1,975. Any more gains could even send the price toward the $2,030 resistance zone or $2,080 in the near term.

On the downside, initial support is near the $1,890 level. There is also a key bullish trend line forming with support near $1,890 on the 4-hour chart. The next major support is now near the $1,880 level. A break below the $1,880 support could push the price to $1,822. Any more losses could lead the price toward $1,780 or even $1,720 in the coming days.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading near the $1,900 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,880 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 below the 50 level.

Key Support Levels – $1,890, followed by the $1,880 zone.

Key Resistance$ Levels – $1,920 and $1,950.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular