- Ethereum price started a fresh increase above $3,500 against the US Dollar.
- ETH price is now trading above $3,500 and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $3,800 on the 4-hours chart (data feed from Coinbase).
- The pair could start a fresh rally if it clears the $3,800 resistance zone.
Ethereum price is showing positive signs above $3,500 against the US Dollar. ETH/USD could gain pace above the $3,800 and $3,850 levels in the near term.
Ethereum Price Analysis
After forming a base above $3,400, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $3,500 level and the 55 simple moving average (4-hours).
The price climbed above the $3,700 and $3,800 resistance levels. It even traded above the $3,900 level and formed a high near the $3,968. The price is now correcting gains and trading below $3,800. It declined below the 23.6% Fib retracement level of the upward move from the $3,373 swing low to $3,968 high.
An immediate support on the downside is near the $3,700 level. The first major support is now near the $3,650 level. It is near the 50% Fib retracement level of the upward move from the $3,373 swing low to $3,968 high.
The next major support is near the $3,600 level. If there is a downside break below the $3,65s0 and $3,600 support levels, the price could retest $3,300. Any more losses could lead the price towards $3,200.
An immediate resistance is near the $3,800 level. There is also a key contracting triangle forming with resistance near $3,800 on the 4-hours chart. The main resistance is now forming near the $3,950 level. A close above the $3,950 level could open the doors for another increase. The next major resistance for the bulls might be near the $4,200 level.
Looking at the chart, Ethereum price is clearly trading above the $3,500 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh rally if it clears the $3,800 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly 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 – $3,700, followed by the $3,650 zone.
Key Resistance$ Levels – $3,800 and $3,950.
