- Ethereum price started a fresh increase from the $1,000 zone against the US Dollar.
- ETH price is now trading above $1,200 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $1,120 on the 4-hours chart (data feed from Coinbase).
- The pair could correct lower but dips might be limited below the $1,450 support zone.
Ethereum price is rising above $1,400 against the US Dollar. ETH/USD could rise further if it stays above the $1,400 support zone.
Ethereum Price Analysis
This past week, ethereum saw a decent recovery wave from the $1,000 zone against the US Dollar. ETH price was able to clear the $1,120 and $1,150 resistance levels.
There was a break above a key bearish trend line with resistance near $1,120 on the 4-hours chart. The price rallied sharply above the $1,300 and $1,400 levels. It even climbed above the $1,500 level and settled above the 55 simple moving average (4-hours).
Finally, it broke the $1,600 level and traded as high as $1,631. It is now correcting gains below the $1,580 level. It is approaching the 23.6% Fib retracement level of the recent increase from the $1,000 swing low to $1,631 high.
On the downside, an initial support is near the $1,480 level. The next major support is now near the $1,400 level. A break below the $1,400 support could push the price to $1,330. It is near the 50% Fib retracement level of the recent increase from the $1,000 swing low to $1,631 high.
Any more losses could lead the price towards $1,250 or even $1,200. An immediate resistance is near the $1,550 level. The next major resistance is near the $1,580 zone or $1,600, above which the price could rise towards the $1,680 level. Any more gains could even send the price above the $1,725 resistance zone.
Looking at the chart, Ethereum price is clearly trading above the $1,400 zone and the 55 simple moving average (4-hours). Overall, ether price could correct lower but dips might be limited below the $1,450 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,400, followed by the $1,330 zone.
Key Resistance$ Levels – $1,550 and $1,600.
