- Ethereum price started a fresh increase from the $2,500 support zone against the US Dollar.
- ETH price is now trading above $2,800 and the 55 simple moving average (4-hours).
- There is a key rising channel forming with support near $2,900 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to move down if it fails to stay above the $2,900 support.
Ethereum price is consolidating below $3,000 against the US Dollar. ETH/USD eyes more upsides if there is no downside break below $2,900.
Ethereum Price Analysis
Recently, ethereum saw a fresh increase after it formed a base above $2,900 against the US Dollar. ETH price traded above the $2,750 resistance to move into a positive zone.
The price even climbed above the $2,900 level and the 55 simple moving average (4-hours). Finally, there was a break above the $3,000 level and the price traded as high as $3,053. It is now correcting lower and trading below the $3,000 level.
However, it is still above $2,900 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $3,000 level. The first major resistance is now forming near the $3,050 level.
A clear move above the $3,050 level might start a steady increase. The next key resistance is near the $3,150 zone, above which the price might accelerate higher towards the $3,250 level.
If not, the price might correct lower below $2,920. The stated level is near the 23.6% Fib retracement level of the upward move from the $2,492 swing low to $3,053 high. There is also a key rising channel forming with support near $2,900 on the 4-hours chart.
A downside break below the channel support might call for a move to $2,840. The next major support is now near the $2,820 level. A break below the $2,820 support could push the price to $2,780.
It is near the 50% Fib retracement level of the upward move from the $2,492 swing low to $3,053 high. Any more losses could lead the price towards $2,700 or even $2,650.
Looking at the chart, Ethereum price is clearly trading above the $2,900 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move down if it fails to stay above the $2,900 support.
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 – $2,900, followed by the $2,780 zone.
Key Resistance$ Levels – $3,000 and $3,050.
