HomeAltcoin NewsEthereum Price Analysis: ETH Holds Key Uptrend Support

Ethereum Price Analysis: ETH Holds Key Uptrend Support

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  • Ethereum price started a downside correction from the $1,865 resistance against the US Dollar.
  • ETH price is now trading above $1,750 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with support near $1,785 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it breaks the $1,785 support zone.

Ethereum price is declining below $1,820 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,785 support zone.

Ethereum Price Analysis

This past week, Ethereum started a decent increase above the $1,700 resistance zone against the US Dollar. ETH price climbed above the $1,750 and $1,765 resistance levels.

Finally, it tested the $1,850 resistance zone. A high was formed near $1,865 before there was a downside correction. There was a move below the $1,820 support zone. The price even traded below the 23.6% Fib retracement level of the upward move from the $1,542 swing low to the $1,865 high.

ETH is now trading above $1,750 and the 55 simple moving average (4 hours). There is also a key contracting triangle forming with support near $1,785 on the 4-hour chart.

On the upside, the price is now facing resistance near the $1,820 level. The next major resistance is near the $1,850 level. The next major resistance is near the $1,865 zone. A clear move above the $1,850 and $1,865 resistance levels might call for a fresh move to $1,950.

Any more gains could even send the price toward the $2,000 resistance zone or even $2,100 in the near term. On the downside, initial support is near the $1,785 level and the trend line.

The next major support is now near the $1,700 level. It is close to the 50% Fib retracement level of the upward move from the $1,542 swing low to the $1,865 high. A break below the $1,700 support could push the price to $1,650. If the bulls fail to protect the $1,650 support, the price might decline toward $1,600.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above $1,750 and the 55 simple moving average (4 hours). Overall, Ether price could continue to move down if it breaks the $1,785 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,785, followed by the $1,700 zone.

Key Resistance Levels – $1,820 and $1,850.

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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