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HomeAltcoin NewsEthereum Price Analysis: ETH Holding Uptrend Support

Ethereum Price Analysis: ETH Holding Uptrend Support

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  • Ethereum price extended its increase above the $2,500 resistance against the US Dollar.
  • ETH price is now trading well above $2,400 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $2,520 on the 4-hours chart (data feed from Coinbase).
  • The pair is consolidating gains and it might start a fresh increase above $2,600.

Ethereum price is showing positive signs above $2,400 against the US Dollar. ETH/USD must stay above the $2,440 support to continue higher in the near term.

Ethereum Price Analysis

In the past few days, ethereum started a steady increase above the $2,000 zone against the US Dollar. ETH price gained pace after it broke the $2,200 resistance zone.

There was a clear break above the $2,400 level and the 55 simple moving average (4-hours). The price accelerated higher above the $2,500 and $2,550 levels. It even spiked above the $2,650 level. A high was formed near $2,697 before the price corrected lower.

There was a break below the 23.6% Fib retracement level of the upward move from the $2,154 swing low to $2,697 high. The price is now consolidating above the $2,500 support zone.

There is also a major bullish trend line forming with support near $2,520 on the 4-hours chart. The next major support is near the $2,440 level. It is near the 50% Fib retracement level of the upward move from the $2,154 swing low to $2,697 high.

The main support is now forming near the $2,400 level and the 55 simple moving average (4-hours). Any more losses might start a fresh decline towards the $2,200 level.

On the upside, an initial resistance is near the $2,600 zone. The first major resistance is near the $2,650 level, above which the price is likely to resume its upward move in the near term. The next stop for the bulls could be near the $2,800 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $2,400 zone and the 55 simple moving average (4-hours). Overall, ether price is consolidating gains and it might start a fresh increase above $2,600.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now approaching the 50 level.

Key Support Levels – $2,500, followed by the $2,440 zone.

Key Resistance Levels – $2,600 and $2,650.

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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