- 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.
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.
