HomeAltcoin NewsEthereum Price Analysis: ETH Surging, More Upsides Likely Above $1,100

Ethereum Price Analysis: ETH Surging, More Upsides Likely Above $1,100

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  • Ethereum price started a strong surge above $850 and $1,000 against the US Dollar.
  • ETH price is currently trading well above $1,000 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $800 on the 4-hours chart (data feed from Coinbase).
  • The pair is likely to continue higher towards $1,150 and $1,200 in the coming sessions.

Ethereum price is up over 30% in a few days and it broke the $1,000 level against the US Dollar. ETH/USD is consolidating gains and it is likely to continue higher above $1,100.

Ethereum Price Analysis

In the past few days, Ethereum saw a strong increase above the $800 barrier against the US Dollar. ETH price broke a couple of important hurdles near $880 and $950. There was also a clear break above the $1,000 level and a close above the 55 simple moving average (4-hours).

The price traded above the $1,100 zone and formed a new 2020 high near $1,168. Recently, it started a downside correction below the $1,000 and $950 levels. There was also a spike below the $900 level, but dips were limited.

A swing low was formed near $886 before the price started a fresh increase. It broke the $920 and $950 resistance levels. There was also a break above the 50% Fib retracement level of the downside correction from the $1,168 high to $886 low.

It is now trading above the 61.8% Fib retracement level of the downside correction from the $1,168 high to $886 low. There is also a major bullish trend line forming with support near $800 on the 4-hours chart.

On the upside, the $1,080 and $1,100 levels are important hurdles. A clear break above the $1,100 resistance zone could open the doors for more upsides. The next major resistance on the upside is near the $1,200 and $1,240 levels.

If there is another downside correction, the price might find bids near the $1,000 and $980 levels. The main support on the downside is now forming near the $850 level and the trend line at $800.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above $1,000 and the 55 simple moving average (4-hours). Overall, ether price is likely to continue higher towards $1,150 and $1,200 in the coming sessions.

Technical indicators

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

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

Key Support Levels – $1,000, followed by the $850 zone.

Key Resistance Levels – $1,100 and $1,200.

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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