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HomeAltcoin NewsEthereum Price Analysis: ETH Gains Pace Above $3K

Ethereum Price Analysis: ETH Gains Pace Above $3K

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  • Ethereum price started a fresh increase from the $2,700 support zone against the US Dollar.
  • ETH price is now trading above $3,000 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $3,290 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue to move up if it stays above the $3,200 support zone.

Ethereum price is gaining pace above $3,000 against the US Dollar. ETH/USD eyes more upsides if there is no downside break below $3,200.

Ethereum Price Analysis

Recently, ethereum saw a fresh increase after it formed a base above $2,700 against the US Dollar. ETH price traded above the $2,850 resistance to move into a positive zone.

The price even climbed above the $3,000 level and the 55 simple moving average (4-hours). Finally, there was a break above the $3,200 level and the price traded as high as $3,437. It is now consolidating gains and trading near the $3,350 zone.

However, it is trading well above $3,000 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near the $3,400 level. The first major resistance is now forming near the $3,450 level.

A clear move above the $3,450 level might start a steady increase. The next key resistance is near the $3,550 zone, above which the price might accelerate higher towards the $3,750 level.

If not, the price might correct lower below $3,300. The stated level is near the 23.6% Fib retracement level of the upward move from the $2,819 swing low to $3,437 high. There is also a major bullish trend line forming with support near $3,290 on the 4-hours chart.

A downside break below the trend line support might call for a move to $3,200. The next major support is now near the $3,120 level. It is near the 50% Fib retracement level of the upward move from the $2,819 swing low to $3,437 high.

A break below the $3,120 support could push the price to $3,000. Any more losses could lead the price towards $2,850 or even $2,750.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $3,000 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move up if it stays above the $3,200 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 – $3,200, followed by the $3,120 zone.

Key Resistance$ Levels – $3,400 and $3,450.

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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