HomeAltcoin NewsEthereum Price Analysis: ETH Remains In Uptrend Above $3,700

Ethereum Price Analysis: ETH Remains In Uptrend Above $3,700

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  • 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.

Ethereum Price
Ethereum Price

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.

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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