HomeAltcoin NewsEthereum Price Analysis: ETH Rockets To $1,630, Dips Supported

Ethereum Price Analysis: ETH Rockets To $1,630, Dips Supported

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  • 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.

Ethereum Price
Ethereum Price

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.

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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