- Ethereum price started a fresh increase above $3,200 against the US Dollar.
- ETH price is now trading above $3,300 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $3,400 on the 4-hours chart (data feed from Coinbase).
- The pair could continue higher as long as it is above the $3,300 support zone.
Ethereum price is showing positive signs above $3,300 against the US Dollar. ETH/USD could accelerate higher above the $3,600 and $3,650 levels in the near term.
Ethereum Price Analysis
After forming a base above $3,000, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $3,200 level and the 55 simple moving average (4-hours).
The price climbed above the $3,300 and $3,500 resistance levels. It even traded above the $3,600 level and formed a high near the $3,670. The price is now correcting gains and trading below $3,600. It tested the 23.6% Fib retracement level of the recent wave from the $2,782 swing low to $3,670 high.
An immediate support on the downside is near the $3,460 level. The first major support is now near the $3,400 level. There is also a key bullish trend line forming with support near $3,400 on the 4-hours chart.
The next major support is near the $3,220 level. It is close to the 50% Fib retracement level of the recent wave from the $2,782 swing low to $3,670 high. If there is a downside break below the $3,300 and $3,220 support levels, the price could retest $3,000. Any more losses could lead the price towards $2,850.
An immediate resistance is near the $3,550 level. The main resistance is now forming near the $3,650 level. A close above the $3,650 level could open the doors for a fresh increase. The next major resistance for the bulls might be near the $4,000 level.
Looking at the chart, Ethereum price is clearly trading above the $3,300 zone and the 55 simple moving average (4-hours). Overall, ether price could continue higher as long as it is above the $3,300 support zone.
4 hours MACD – The MACD for ETH/USD is slowly 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 – $3,400, followed by the $3,300 zone.
Key Resistance$ Levels – $3,550 and $3,650.