HomeAltcoin NewsEthereum Price Analysis: ETH Reaches Key Uptrend Support

Ethereum Price Analysis: ETH Reaches Key Uptrend Support

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  • 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.

Ethereum Price
Ethereum Price

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.

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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