Ethereum Price Analysis: ETH is Showing Signs of Fresh Increase To $3K

  • Ethereum price formed a base above $2,200 and it is slowly rising against the US Dollar.
  • ETH price is now trading above $2,500 and the 55 simple moving average (4-hours).
  • There was a break above a crucial bearish trend line with resistance near $2,550 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to rise steadily towards the $3,000 resistance zone in the near term.

Ethereum price is slowly moving higher above $2,500 against the US Dollar. ETH/USD could gain pace if there is a clear break above the $3,000 resistance.

Ethereum Price Analysis

In the past few days, there was a base formation in ethereum above the $2,000 zone against the US Dollar. ETH traded as low as $2,182 before it started a fresh increase.

The price broke many hurdles near the $2,400 and $2,500 resistance levels. There was a break above a crucial bearish trend line with resistance near $2,550 on the 4-hours chart. The pair climbed above the 50% Fib retracement level of the recent decline from the $2,909 swing high to $2,182 low.

The price is now trading above $2,500 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $2,730 level.

The 76.4% Fib retracement level of the recent decline from the $2,909 swing high to $2,182 low is also near the $2,730 level. A clear break above the $2,730 level could start a strong increase above the $2,800 level. The next major resistance on the upside is near the $3,000 level.

A clear break above the $3,000 zone could start a strong increase. On the downside, the $2,500 level is a decent support. The next major support may possibly be near the $2,200 level. Any more losses might call for a drop towards the $3,000 level in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $2,500 level and the 55 simple moving average (4-hours). Overall, ether price is likely to rise steadily towards the $3,000 resistance zone in the near term.

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 above the 50 level.

Key Support Levels – $2,500, followed by the $2,200 zone.

Key Resistance Levels – $2,800 and $3,000.

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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