- Ethereum price extended its increase above the $3,300 resistance against the US Dollar.
- ETH price is now trading above $3,200 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $3,260 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to rise as long as it is above $3,260 and $3,200.
Ethereum price is showing positive signs above $3,200 against the US Dollar. ETH/USD must stay above the $3,200 support to continue higher in the near term.
Ethereum Price Analysis
In the past few days, ethereum started a steady increase above the $3,000 zone against the US Dollar. ETH price gained pace after it broke the $3,200 resistance zone.
There was also a close above the $3,200 level and the 55 simple moving average (4-hours). The price accelerated higher above the $3,250 and $3,300 levels. It even spiked above the $3,350 level. A high is formed near $3,383, and the price is now consolidating gains.
It corrected lower below the $3,300 level. It is now testing the 23.6% Fib retracement level of the upward move from the $2,964 swing low to $3,383 high.
An immediate support is near the $3,280 level. The first key support is near the $3,260 level. There is also a major bullish trend line forming with support near $3,260 on the 4-hours chart. If there is a downside break below the trend line support, the price could test $3,200.
The 50% Fib retracement level of the upward move from the $2,964 swing low to $3,383 high is near $3,200 to act as a strong support along with the 55 simple moving average (4-hours). Any more losses could lead the price below $3,120. The next major support is near $3,000.
On the upside, an initial resistance is near the $3,350 zone. The first major resistance is near the $3,380 level, above which the price is likely to resume its rally in the near term. The next stop for the bulls could be near the $3,500 level.
Looking at the chart, Ethereum price is clearly trading above the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to rise as long as it is above $3,260 and $3,200.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.
Key Support Levels – $3,260, followed by the $3,200 zone.
Key Resistance Levels – $3,350 and $3,380.
