39.5 C
Dubai
Monday, May 27, 2024
HomeAltcoin NewsEthereum Price Analysis: ETH Could Soon Revisit $1,850

Ethereum Price Analysis: ETH Could Soon Revisit $1,850

Date:

Related stories

  • Ethereum price is moving higher above the $1,620 resistance against the US Dollar.
  • ETH price is now trading above $1,600 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1,625 on the 4-hours chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,600 support zone.

Ethereum price is consolidating above the $1,620 level against the US Dollar. ETH/USD could rise further if it clears the $1,740 resistance zone.

Ethereum Price Analysis

In the past few days, ethereum saw a decent increase above the $1,560 level against the US Dollar. ETH price was able to gain pace for a move above the $1,600 level and the 55 simple moving average (4-hours).

The bulls even pushed the price above the $1,620 resistance zone. There was a break above a major bearish trend line with resistance near $1,625 on the 4-hours chart. The price even settled above the 76.4% Fib retracement level of the downward move from the $1,678 swing high to $1,369 low.

It is now consolidating above $1,600 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $1,725 level. The next major resistance is near the $1,740 zone and the last swing high or the 1.236 Fib extension level of the downward move from the $1,678 swing high to $1,369 low.

A clear move above the $1,740 level could send the price towards $1,850. Any more gains could even send the price towards the $1,950 resistance zone or $2,000 in the near term.

On the downside, an initial support is near the $1,610 level and the trend line. The next major support is now near the $1,550 level. A break below the $1,550 support could push the price to $1,500. Any more losses could lead the price towards $1,440 or even $1,400 in the coming days.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,620 zone and the 55 simple moving average (4-hours). Overall, ether 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 – $1,610, followed by the $1,550 zone.

Key Resistance$ Levels – $1,725 and $1,740.

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.

Subscribe

Latest stories