HomeAltcoin NewsEthereum Price Analysis: ETH Could Soon Test $4,000

Ethereum Price Analysis: ETH Could Soon Test $4,000

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  • Ethereum price is moving higher above the $3,500 resistance against the US Dollar.
  • ETH price is now trading above $3,550 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $3,550 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $3,500 support zone.

Ethereum price is rising above the $3,600 level against the US Dollar. ETH/USD could rise further if it clears the $3,680 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase above the $3,300 level against the US Dollar. ETH price was able to gain pace for a move above the $3,500 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $3,600 resistance zone. A high is formed near $3,678 and the price is now consolidating gains. It is trading above the $3,600 level. It is also above the 23.6% Fib retracement level of the upward wave from the $3,185 swing low to the $3,678 high.

Ether price is showing positive signs above $3,600 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $3,550 on the 4-hour chart.

Immediate resistance on the upside is near the $3,680 level. The next major resistance is near the $3,720 zone. A clear move above the $3,720 level could send the price toward $3,850. Any more gains could even send the price toward the $3,900 resistance zone or $4,000 in the near term.

On the downside, initial support is near the $3,550 level. The next major support is now near the $3,440 level or 50% Fib retracement level of the upward wave from the $3,185 swing low to the $3,678 high, below which the price might test $3,300. A break below the $3,300 support could push the price to $3,120. Any more losses could lead the price towards $3,000.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum’s price is trading above the $3,600 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $3,500 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 – $3,550, followed by the $3,300 zone.

Key Resistance$ Levels – $3,680 and $3,850.

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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