HomeAltcoin NewsEthereum Price Analysis: ETH Eyes Fresh Surge to $2,550

Ethereum Price Analysis: ETH Eyes Fresh Surge to $2,550

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  • Ethereum price is eyeing an upside break above the $2,400 resistance against the US Dollar.
  • ETH price is now trading above $2,300 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $2,280 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $2,340 support zone.

Ethereum price is consolidating above the $2,350 level against the US Dollar. ETH/USD could rise again if it clears the $2,400 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a decent increase from the $2,255 zone against the US Dollar. ETH price moved above the $2,300 and $2,340 levels to move into a positive zone.

There was a break above a major bearish trend line with resistance near $2,280 on the 4-hour chart. The price even cleared the 50% Fib retracement level of the last key drop from the $2,448 swing high to the $2,255 low. The price settled above the $2,350 level.

Ethereum is now trading above $2,375 and the 55 simple moving average (4 hours). On the downside, initial support is near the $2,225 level.

The next major support is now near the $2,340 level. A break below the $2,340 support could push the price to $2,300 or the 55 simple moving average (4 hours). Any more losses could lead the price toward $2,255 or even $2,150 in the coming days.

Immediate resistance on the upside is near the $2,400 level or 76.4% Fib retracement level of the last key drop from the $2,448 swing high to the $2,255 low. The next major resistance is near the $2,450 zone.

A clear move above the $2,450 level could send the price toward $2,550. Any more gains could even send the price toward the $2,600 resistance zone or $2,700 in the near term.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $2,350 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,340 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 – $2,340, followed by the $2,255 zone.

Key Resistance$ Levels – $2,400 and $2,450.

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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