HomeAltcoin NewsEthereum Price Analysis: ETH Eyes Key Breakout To $2,500

Ethereum Price Analysis: ETH Eyes Key Breakout To $2,500

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  • Ethereum price started a downside correction from the $2,350 resistance against the US Dollar.
  • ETH price is now trading above $2,260 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with support at $2,260 on the 4-hour chart (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $2,300 resistance zone.

Ethereum price is declining below $2,300 against the US Dollar. ETH/USD remains at a risk of more downsides below the $2,260 support zone.

Ethereum Price Analysis

In the past few weeks, Ethereum started a decent increase above the $2,220 resistance zone against the US Dollar. ETH price climbed above the $2,260 and $2,300 resistance levels.

Finally, it tested the $2,350 resistance zone. A high was formed near $2,344 before there was a downside correction. There was a move below the $2,300 support zone. The price even traded below the 23.6% Fib retracement level of the upward move from the $2,115 swing low to the $2,344 high.

ETH is now trading below $2,300 and the 55 simple moving average (4 hours). There is also a key contracting triangle forming with support at $2,260 on the 4-hour chart.

On the upside, the price is now facing resistance near the $2,300 level. The next major resistance is near the $2,350 level. The next major resistance is near the $2,400 zone. A clear move above the $2,350 and $2,400 resistance levels might call for a fresh move to $2,500.

Any more gains could even send the price toward the $2,550 resistance zone or even $2,620 in the near term. On the downside, initial support is near the $2,260 level and the trend line.

The next major support is now near the $2,220 level or the 50% Fib retracement level of the upward move from the $2,115 swing low to the $2,344 high. A break below the $2,220 support could push the price to $2,120. If the bulls fail to protect the $2,120 support, the price might decline toward $2,000.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below $2,300 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $2,260 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 below the 50 level.

Key Support Levels – $2,260, followed by the $2,220 zone.

Key Resistance Levels – $2,300 and $2,350.

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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