33.2 C
Dubai
Wednesday, May 29, 2024
HomeAltcoin NewsEthereum Price Analysis: ETH Eyes Fresh Rally To $2,800

Ethereum Price Analysis: ETH Eyes Fresh Rally To $2,800

Date:

Related stories

  • Ethereum price started a fresh increase after testing the $2,000 support against the US Dollar.
  • ETH price is currently trading well above $2,300 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $2,200 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to continue higher towards the $2,600 level or even $2,800.

Ethereum price is showing positive signs above $2,300 against the US Dollar. ETH/USD remains well supported and it seems to be eyeing a strong surge to $2,800.

Ethereum Price Analysis

After a strong decline, ethereum found support near the $2,000 zone against the US Dollar. ETH spiked down on a couple of occasions, but it remained stable above the $2,000 zone.

A swing low was formed near $2,061 before the price started a fresh increase. It broke the $2,200 and $2,250 resistance levels. There was a clear break above the 50% Fib retracement level of the downward move from the $2,650 high to $2,061 low.

The bulls were able to push the price above the key $2,350 resistance zone. It is currently trading well above $2,300 and the 55 simple moving average (4-hours).

There is also a major bullish trend line forming with support near $2,200 on the 4-hours chart. The pair is now consolidating above the 76.4% Fib retracement level of the downward move from the $2,650 high to $2,061 low.

It is facing resistance near the $2,550 level. A clear upside break above the $2,550 resistance could set the pace for a move towards the $2,650 level. Any more gains could lead the price towards the $2,800 level.

On the downside, an immediate support is near the $2,450 level. The main support is near the $2,350 level and the 55 simple moving average (4-hours). Any more losses might call for a test of the trend line at $2,200.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $2,300 level and the 55 simple moving average (4-hours). Overall, ether price is likely to continue higher towards the $2,600 level or even $2,800 in the near term.

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 now well above the 50 level.

Key Support Levels – $2,350, followed by the $2,200 zone.

Key Resistance Levels – $2,550 and $2,650.

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.

Subscribe

Latest stories