HomeAltcoin NewsEthereum Price Analysis: ETH Eyeing Fresh Surge Above $1,500

Ethereum Price Analysis: ETH Eyeing Fresh Surge Above $1,500

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  • Ethereum price is struggling to clear the $1,440 and $1,450 resistance levels against the US Dollar.
  • ETH price is currently showing positive signs above $1,300 and the 55 simple moving average (4-hours).
  • There is a major ascending triangle pattern forming with resistance near $1,440 on the 4-hours chart (data feed from Coinbase).
  • The pair could eye a fresh rally above the $1,440 and $1,450 resistance levels.

Ethereum price is trading in a bullish zone above $1,300 against the US Dollar. ETH/USD is likely to start a nasty upward move once it clears the $1,450 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum traded below the $1,440 and $1,450 resistance levels against the US Dollar. ETH price corrected on a few occasions and even traded below the $1,300 level.

The recent swing low was formed near $1,260 and the price is currently rising. There was a break above the $1,300 and $1,320 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $1,443 high to $1,260 low.

The price is now showing positive signs above $1,300 and the 55 simple moving average (4-hours). There is also a major ascending triangle pattern forming with resistance near $1,440 on the 4-hours chart.

On the upside, an immediate resistance is near the $1,400 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,443 high to $1,260 low. The main resistance is still near the $1,440 and $1,450 levels.

If there is a clear break above the triangle resistance, there are high chances of a strong surge above $1,480 and $1,500. In the stated case, the price is likely to accelerate higher above the $1,550 and $1,560 levels in the near term.

On the downside, the $1,320 level and the 55 simple moving average (4-hours) are initial support zones. The main support is near the triangle lower trend line at $1,300, below which there is a risk of a larger decline.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,300 and the 55 simple moving average (4-hours). Overall, ether price could eye a fresh rally above the $1,440 and $1,450 resistance levels in the coming sessions.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is well above the 50 level.

Key Support Levels – $1,320, followed by the $1,300 zone.

Key Resistance Levels – $1,400 and $1,450.

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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