- Ethereum price started a downside correction from the $2,000 zone against the US Dollar.
- ETH price is now trading above $1,800 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1,820 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh increase unless there is a clear move below the $1,780 zone.
Ethereum price is correcting lower below $1,900 against the US Dollar. ETH/USD could rise again if it stays above the $1,780 support zone.
Ethereum Price Analysis
This past week, ethereum saw a decent increase above the $1,700 zone against the US Dollar. ETH price was able to clear the $1,850 and $1,900 resistance levels.
The price rallied sharply above the $1,910 and $1,920 levels. It even climbed above the $2,000 level and settled above the 55 simple moving average (4-hours). However, it formed a high near the $2,031 level and recently started a downside correction.
There was a move below the $1,925 level. The price traded below the 23.6% Fib retracement level of the upward move from the $1,355 swing low to $2,031 high.
It is now trading above $1,800 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $1,820 on the 4-hours chart. The trend line is near the 50% Fib retracement level of the upward move from the $1,355 swing low to $2,031 high.
On the downside, an initial support is near the $1,845 level. The next major support is now near the $1,780 level. A break below the $1,780 support could push the price to $1,600. Any more losses could lead the price towards $1,565 or even $1,500.
An immediate resistance is near the $1,950 level. The next major resistance is near the $2,000 zone or $2,020, above which the price could rise towards the $2,150 level. Any more gains could even send the price above the $2,200 resistance zone.
Looking at the chart, Ethereum price is clearly trading above the $1,800 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 $1,780 zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now near the 50 level.
Key Support Levels – $1,840, followed by the $1,780 zone.
Key Resistance$ Levels – $1,950 and $2,000.
