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.
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.
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.
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