HomeAltcoin NewsEthereum Price Analysis: ETH Facing Uphill Task Near $2,650

Ethereum Price Analysis: ETH Facing Uphill Task Near $2,650

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  • Ethereum price is recovering higher, but it is facing hurdles near $2,650 against the US Dollar.
  • ETH price is now trading above $2,500 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $2,650 on the 4-hours chart (data feed from Coinbase).
  • The pair could start a strong increase if there is a clear break above $2,650 and $2,700.

Ethereum price is slowly moving higher above $2,500 against the US Dollar. ETH/USD could either rally above $2,650 or it might start a fresh decline.

Ethereum Price Analysis

Recently, ethereum traded as low as $2,266 before starting an upside correction against the US Dollar. ETH price recovered above the $2,350 and $2,400 resistance levels.

The bulls gained strength and they pushed the price above the $2,500 level. There was also a close above $2,500 and the 55 simple moving average (4-hours). It is now trading near the $2,600 resistance levels. It is also testing the 50% Fib retracement level of the downward move from the $2,888 swing high to $2,266 low.

On the upside, there is a major hurdle forming near $2,650. There is also a key bearish trend line forming with resistance near $2,650 on the 4-hours chart.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $2,888 swing high to $2,266 low. A clear break above the trend line could open the doors for a move above the $2,700 resistance.

The next key resistance is near the $2,800 level, above which the price is likely to aim a test of the $3,000 level in the near term. On the downside, an immediate support is near the $2,500 level and the 55 SMA. The next major support is near the $2,450 level. Any more losses could set the pace for a drop towards the $2,320 support zone in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading nicely above $2,500 and the 55 simple moving average (4-hours). Overall, ether price could start a strong increase if there is a clear break above $2,650 and $2,700.

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 – $2,500, followed by the $2,450 zone.

Key Resistance Levels – $2,650 and $2,800.

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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