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HomeAltcoin NewsEthereum Price Analysis: ETH Holding Uptrend Support, $1,130 Is The Key

Ethereum Price Analysis: ETH Holding Uptrend Support, $1,130 Is The Key

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  • Ethereum price declined heavily after trading to a new yearly high at $1,350 against the US Dollar.
  • ETH price is currently trading well above $1,000 and the 55 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $920 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to continue higher if it clears the $1,125 and $1,130 resistance levels in the coming sessions.

Ethereum price is recovering nicely from the $920 zone against the US Dollar. ETH/USD must clear the $1,125 and $1,130 resistance levels to restart the rally to $1,400.

Ethereum Price Analysis

In the past few days, Ethereum saw a strong increase above the $1,000 barrier against the US Dollar. ETH price broke a couple of important hurdles near $1,150 and $1,200. There was also a clear break above the $1,240 level and a close above the 55 simple moving average (4-hours).

The price traded above the $1,130 zone and formed a new 2021 high near $1,350. Recently, it started a downside correction below the $1,200 and $1,100 levels. The bears took control and there was also a break below the $1,000 support zone.

However, the bulls were able to protect the $900 zone. There is also a crucial bullish trend line forming with support near $920 on the 4-hours chart. The price traded as low as $904 and recently started a fresh increase.

It broke the $1,000 level to move into a positive zone. There was also a break above the 50% Fib retracement level of the downside correction from the $1,168 high to $886 low. On the upside, an initial resistance is near the $1,120 level and the 55 simple moving average (4-hours).

The main resistance is now forming near the $1,125 and $1,130 levels (the last breakdown zone). It is also close to the 50% Fib retracement level of the downside correction from the $1,168 high to $886 low.

If there is a clear break above the $1,125 and $1,130 resistance levels, the price might resume its uptrend. The next major resistance is near the $1,200 level, where the bears might appear. If there is another downside correction, the price might find bids near the $1,000 and $985 levels. The main support on the downside is now forming near the $920 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly facing hurdles near $1,130 and the 55 simple moving average (4-hours). Overall, ether price is likely to continue higher if it clears the $1,125 and $1,130 resistance levels in the coming sessions.

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 just below the 50 level.

Key Support Levels – $1,000, followed by the $920 zone.

Key Resistance Levels – $1,130 and $1,200.

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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