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HomeAltcoin NewsEthereum Price Analysis: ETH Retreats Lower, Dips Remain Supported

Ethereum Price Analysis: ETH Retreats Lower, Dips Remain Supported

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  • Ethereum price traded to a new all-time high at $1,478 before correcting lower against the US Dollar.
  • ETH price is currently testing the $1,330 support and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $1,200 on the 4-hours chart (data feed from Coinbase).
  • The pair could eye a fresh increase above the $1,400 and $1,450 resistance levels.

Ethereum price is trading in a bullish zone above $1,200 against the US Dollar. ETH/USD is likely to make another attempt to test the $1,500 level in the coming sessions.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a strong increase above the $1,200 pivot level against the US Dollar. ETH price broke a few major hurdles near $1,300 and $1,350 to move further into a positive zone.

The price even broke the $1,400 level and settled above the 55 simple moving average (4-hours). Finally, the price traded to a new all-time high at $1,478 before correcting lower. It broke the $1,400 and $1,380 support levels.

There was break below the 23.6% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high. However, the price is holding gains above $1,300. It is currently testing the $1,330 support and the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $1,200 on the 4-hours chart. An intermediate support is near the $1,258 level since it is close to the 50% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high.

On the upside, the $1,380 and $1,400 levels are immediate hurdles. A clear break above the $1,400 level will most likely increase the chances of a break towards the $1,480 and $1,500 resistance levels in the near term. The next major resistance sits near the $1,550 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,250 and the 55 simple moving average (4-hours). Overall, ether price could eye a fresh increase above the $1,400 and $1,450 resistance levels in the coming sessions.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.

Key Support Levels – $1,280, followed by the $1,200 zone.

Key Resistance Levels – $1,400 and $1,450.

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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