HomeAltcoin NewsEthereum Price Analysis: ETH Eyeing More Gains

Ethereum Price Analysis: ETH Eyeing More Gains

-

  • Ethereum price extended its increase above the $3,000 resistance against the US Dollar.
  • ETH price is now trading well above $3,000 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $3,040 on the 4-hours chart (data feed from Coinbase).
  • The pair is consolidating gains and it might start a fresh increase above $3,200.

Ethereum price is showing positive signs above $3,000 against the US Dollar. ETH/USD must stay above the $2,880 support to continue higher in the near term.

Ethereum Price Analysis

In the past few days, ethereum started a steady increase above the $2,500 zone against the US Dollar. ETH price gained pace after it broke the $2,800 resistance zone.

There was a clear break above the $3,000 level and the 55 simple moving average (4-hours). The price accelerated higher above the $3,050 and $3,150 levels. It even spiked above the $3,200 level. A high was formed near $3,205 and it is now consolidating gains.

It is trading near the 23.6% Fib retracement level of the upward move from the $2,891 swing low to $3,205 high. The first key support on the downside is near the $3,050 level.

There is also a key bullish trend line forming with support near $3,040 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $2,891 swing low to $3,205 high. Any more losses could lead the price below $3,000.

The next major support is near $2,880, where the bulls might appear. On the upside, an initial resistance is near the $3,200 zone. The first major resistance is near the $3,250 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. An intermediate resistance might be near the $3,350 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $3,000 zone and the 55 simple moving average (4-hours). Overall, ether price is consolidating gains and it might start a fresh increase above $3,200.

Technical indicators

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

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

Key Support Levels – $3,040, followed by the $2,880 zone.

Key Resistance Levels – $3,200 and $3,500.

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