HomeAltcoin NewsEthereum Price Analysis: ETH Eyes Fresh Increase To $1,750

Ethereum Price Analysis: ETH Eyes Fresh Increase To $1,750

-

  • Ethereum price is eyeing an upside break above the $1,640 resistance against the US Dollar.
  • ETH price is now trading above $1,575 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $1,560 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,560 support zone.

Ethereum price is consolidating above the $1,560 level against the US Dollar. ETH/USD could rise again if it clears the $1,640 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a bearish wave from the $1,750 zone against the US Dollar. ETH price declined below the $1,640 level and the 55 simple moving average (4 hours).

The bears even pushed the price below the $1,600 level. A low was formed near $1,520 and the price is now attempting a fresh increase. There was a move above the $1,550 resistance level. The price also broke the $1,560 resistance level.

Besides, there was a break above a major bearish trend line with resistance near $1,560 on the 4-hour chart. There was a move above the 23.6% Fib retracement level of the main decline from the $1,755 swing high to the $1,520 low.

However, it is still struggling near $1,640. It is now trading above $1,560 and the 55 simple moving average (4 hours). On the downside, initial support is near the $1,575 level.

The next major support is now near the $1,560 level. A break below the $1,560 support could push the price to $1,520. Any more losses could lead the price toward $1,440 or even $1,400 in the coming days.

Immediate resistance on the upside is near the $1,600 level. The next major resistance is near the $1,640 zone. A clear move above the $1,640 level could send the price toward $1,665. Any more gains could even send the price toward the $1,750 resistance zone or $1,820 in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,560 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,560 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,575, followed by the $1,560 zone.

Key Resistance$ Levels – $1,640 and $1,665.

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