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HomeAltcoin NewsEthereum Price Analysis: ETH Starts Strong Increase Above $1,800

Ethereum Price Analysis: ETH Starts Strong Increase Above $1,800

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  • Ethereum price started a major increase above the $1,800 level against the US Dollar.
  • ETH price is now trading above $1,850 and the 55 simple moving average (4-hours).
  • There was a break above a connecting bearish trend line with resistance near $1,760 on the 4-hours chart (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $1,920 resistance zone.

Ethereum price is rising above the $1,800 level against the US Dollar. ETH/USD could rise further if it clears the $2,000 resistance zone.

Ethereum Price Analysis

This week, ethereum saw a decent increase above the $1,700 zone against the US Dollar. ETH price was able to clear the $1,720 and $1,750 resistance levels.

The price rallied sharply above the $1,800 and $1,820 levels. There was a break above a connecting bearish trend line with resistance near $1,760 on the 4-hours chart. It even climbed above the $1,900 level and settled above the 55 simple moving average (4-hours).

It formed a high near the $1,920 level and recently started a downside correction. There was a minor move below the $1,900 level, but the price stayed above the 23.6% Fib retracement level of the upward move from the $1,656 swing low to $1,919 high.

On the downside, an initial support is near the $1,860 level. The next major support is now near the $1,785 level. It is near the 50% Fib retracement level of the upward move from the $1,656 swing low to $1,919 high.

A break below the $1,785 support could push the price to $1,750. Any more losses could lead the price towards $1,700 or even 55 simple moving average (4-hours).

An immediate resistance is near the $1,920 level. The next major resistance is near the $1,980 zone or $2,000, above which the price could rise towards the $2,150 level. Any more gains could even send the price above the $2,200 resistance zone.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,800 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,785 zone.

Technical indicators

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

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

Key Support Levels – $1,860, followed by the $1,785 zone.

Key Resistance$ Levels – $1,920 and $2,000.

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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