HomeAltcoin NewsEthereum Price Analysis: ETH Revisits Key Uptrend Support

Ethereum Price Analysis: ETH Revisits Key Uptrend Support

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  • Ethereum price started a downside correction from the $1,750 resistance against the US Dollar.
  • ETH price is now trading above $1,640 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $1,640 on the 4-hour chart (data feed from Coinbase).
  • The pair could continue to move down if it breaks the $1,635 support zone.

Ethereum price is declining below $1,750 against the US Dollar. ETH/USD remains at a risk of more downsides below the $1,635 support zone.

Ethereum Price Analysis

This past week, Ethereum started a decent increase above the $1,600 resistance zone against the US Dollar. ETH price climbed above the $1,640 and $1,700 resistance levels.

Finally, it tested the $1,750 resistance zone. A high was formed near $1,755 before there was a downside correction. There was a move below the $1,720 support zone. The price even spiked below the 50% Fib retracement level of the upward move from the $1,563 swing low to the $1,755 high.

ETH is now trading above $1,640 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $1,640 on the 4-hour chart.

On the upside, the price is now facing resistance near the $1,700 level. The next major resistance is near the $1,720 level. The next major resistance is near the $1,750 zone. A clear move above the $1,720 and $1,750 resistance levels might call for a fresh move to $1,850.

Any more gains could even send the price toward the $1,920 resistance zone or even $2,000 in the near term. On the downside, initial support is near the $1,640 level and the trend line.

The next major support is now near the $1,635 level. It is close to the 61.8% Fib retracement level of the upward move from the $1,563 swing low to the $1,755 high. A break below the $1,635 support could push the price to $1,600. If the bulls fail to protect the $1,550 support, the price might decline toward $1,500.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above $1,640 and the 55 simple moving average (4 hours). Overall, ether price could continue to move down if it breaks the $1,635 support 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 below the 50 level.

Key Support Levels – $1,635, followed by the $1,600 zone.

Key Resistance Levels – $1,700 and $1,750.

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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