HomeAltcoin NewsEthereum Price Analysis: ETH Eyes Fresh Increase To $2,150

Ethereum Price Analysis: ETH Eyes Fresh Increase To $2,150

-

  • Ethereum price is eyeing an upside break above the $2,050 resistance against the US Dollar.
  • ETH price is now trading above $2,000 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $2,050 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,920 support zone.

Ethereum price is consolidating above the $1,950 level against the US Dollar. ETH/USD could rise again if it clears the $2,050 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a short-term bearish wave from the $2,150 zone against the US Dollar. ETH price declined below the $2,050 level and the 55 simple moving average (4 hours).

The bears even pushed the price below the $2,000 level. A low was formed near $1,906 and the price is now attempting a fresh increase. There was a move above the $1,950 resistance level. The price also broke the $1,980 resistance level.

There was a move above the 50% Fib retracement level of the recent decline from the $2,136 swing high to the $1,906 low. However, it is still struggling near $2,000. There is also a major bearish trend line forming with resistance near $2,050 on the 4-hour chart.

Ethereum is now trading above $1,980 and the 55 simple moving average (4 hours). On the downside, initial support is near the $1,970 level.

The next major support is now near the $1,920 level. A break below the $1,920 support could push the price to $1,780. Any more losses could lead the price toward $1,650 or even $1,600 in the coming days.

Immediate resistance on the upside is near the $2,050 level or the trend line. It is close to the 61.8% Fib retracement level of the recent decline from the $2,136 swing high to the $1,906 low. The next major resistance is near the $2,150 zone.

A clear move above the $2,150 level could send the price toward $2,250. Any more gains could even send the price toward the $2,320 resistance zone or $2,500 in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $2,000 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,920 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 – $1,970, followed by the $1,920 zone.

Key Resistance$ Levels – $2,050 and $2,150.

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