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HomeAltcoin NewsEthereum Price Analysis: ETH Restarts Rally As Bulls Aim For $4K

Ethereum Price Analysis: ETH Restarts Rally As Bulls Aim For $4K

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  • Ethereum price is moving higher above the $3,500 resistance against the US Dollar.
  • ETH price is now trading above $3,550 and the 55 simple moving average (4 hours).
  • There was a break above a key rising channel with resistance at $3,440 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $3,500 support zone.

Ethereum price is rising above the $3,550 level against the US Dollar. ETH/USD could rise further if it clears the $3,720 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase above the $3,420 level against the US Dollar. ETH price was able to gain pace for a move above the $3,500 level and the 55 simple moving average (4 hours).

There was a break above a key rising channel with resistance at $3,440 on the 4-hour chart. The bulls even pushed the price above the $3,650 resistance zone. A high is formed near $3,729 and the price is now consolidating gains. It is trading above the $3,650 level.

It is also above the 23.6% Fib retracement level of the upward wave from the $3,210 swing low to the $3,729 high. Ether price is showing positive signs above $3,650 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $3,720 level. The next major resistance is near the $3,750 zone. A clear move above the $3,750 level could send the price toward $3,880. Any more gains could even send the price toward the $4,000 resistance zone or $4,050 in the near term.

On the downside, initial support is near the $3,600 level. The next major support is now near the $3,550 level, below which the price might test the 50% Fib retracement level of the upward wave from the $3,210 swing low to the $3,729 high at $3,470.

A break below the $3,470 support could push the price to $3,400. Any more losses could lead the price towards $3,320.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum’s price is trading above the $3,650 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $3,500 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now 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 – $3,600, followed by the $3,550 zone.

Key Resistance$ Levels – $3,720 and $3,880.

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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