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HomeAltcoin NewsEthereum Price Analysis: ETH Signaling Bullish Bias Above $375

Ethereum Price Analysis: ETH Signaling Bullish Bias Above $375

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  • Ethereum price extended its rally above the $375 resistance zone against the US Dollar.
  • ETH price is currently trading well above $370 and the 55 simple moving average (4-hours).
  • There was a break above a key bullish flag pattern with resistance near $375 on the 4-hours chart (data feed from Coinbase).
  • The pair is currently consolidating gains, but dips are likely to find support near $365.

Ethereum price is showing positive signs above $365 and $375 against the US Dollar. It seems like ETH/USD is preparing for more gains above the $395 and $400 levels.

Ethereum Price Analysis

After testing the $335 support two times, Ethereum price started a fresh increase against the US Dollar. ETH price broke a few key hurdles near the $355 resistance to move into a positive zone.

The bulls gained pace, resulting in a drift above the $365 level. Recently, there was a break above a key bullish flag pattern with resistance near $375 on the 4-hours chart. It opened the doors for more gains above the $380 and $385 levels.

The price tested the previous key hurdle near the $395 level. A high is formed near $395, and the price is currently trading well above $370 and the 55 simple moving average (4-hours).

An initial support is near the $381 level. It is close to the 23.6% Fib retracement level of the upward move from the $334 swing low to $395 high. The first major support is near the $375 level. Any further losses could lead the price towards the $365 support.

The 50% Fib retracement level of the upward move from the $334 swing low to $395 high is also near the $365 level to act as a strong support. The next major support for the bulls could be near $358 and the 55 simple moving average (4-hours).

On the upside, the price is facing hurdles near the $392 and $395 levels. A proper follow through move above the $395 resistance is likely to open the doors for a push above the $400 and $405 levels.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly showing positive signs above $365 and the 55 simple moving average (4-hours). Overall, ether is currently consolidating gains, but dips are likely to find support near $365.

Technical indicators

4 hours MACD – The MACD for ETH/USD is placed nicely in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is currently above the 60 level.

Key Support Levels – $380, followed by the $365 zone.

Key Resistance Levels – $395 and $400.

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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