HomeAltcoin NewsEthereum Price Analysis: ETH Reaches Key Support

Ethereum Price Analysis: ETH Reaches Key Support

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • Ethereum price started a downside correction from the $1,800 zone against the US Dollar.
  • ETH price is now trading below $1,700 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $1,540 on the 4-hours chart (data feed from Coinbase).
  • The pair could start a fresh increase unless there is a clear move below the $1,500 zone.

Ethereum price is correcting lower below $1,700 against the US Dollar. ETH/USD could rise again if it stays above the $1,500 support zone.

Ethereum Price Analysis

This past week, ethereum saw a decent increase above the $1,500 zone against the US Dollar. ETH price was able to clear the $1,550 and $1,600 resistance levels.

The price rallied sharply above the $1,650 and $1,700 levels. It even climbed above the $1,720 level and settled above the 55 simple moving average (4-hours). However, it formed a high near the $1,792 level and recently started a downside correction.

There was a move below the $1,650 level. The price is now trading near the 50% Fib retracement level of the upward move from the $1,356 swing low to $1,792 high.

On the downside, an initial support is near the $1,575 level. The next major support is now near the $1,520 level. There is also a major bullish trend line forming with support near $1,540 on the 4-hours chart. The trend line is near the 61.8% Fib retracement level of the upward move from the $1,356 swing low to $1,792 high.

A break below the $1,500 support could push the price to $1,420. Any more losses could lead the price towards $1,350 or even $1,300.

An immediate resistance is near the $1,650 level. The next major resistance is near the $1,700 zone or $1,750, above which the price could rise towards the $1,880 level. Any more gains could even send the price above the $1,950 resistance zone.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading below the $1,700 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,500 zone.

Technical indicators

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

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

Key Support Levels – $1,520, followed by the $1,400 zone.

Key Resistance$ Levels – $1,650 and $1,700.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img