HomeAltcoin NewsEthereum Price Analysis: ETH Targets Fresh High Above $2,500

Ethereum Price Analysis: ETH Targets Fresh High Above $2,500

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  • Ethereum price is eyeing an upside break above the $2,350 resistance against the US Dollar.
  • ETH price is now trading above $2,280 and the 55 simple moving average (4 hours).
  • There was a break above a key bullish flag pattern with resistance near $2,250 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $2,250 support zone.

Ethereum price is consolidating above the $2,300 level against the US Dollar. ETH/USD could rise again if it clears the $2,350 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase from the $2,155 zone against the US Dollar. ETH price moved above the $2,180 and $2,200 levels to move into a positive zone.

There was a break above a key bullish flag pattern with resistance near $2,250 on the 4-hour chart. The price even cleared the 50% Fib retracement level of the last downward move from the $2,433 swing high to the $2,100 low. The price settled above the $2,300 level.

Ethereum is now trading above $2,310 and the 55 simple moving average (4 hours). On the downside, initial support is near the $2,280 level or the 55 simple moving average (4 hours).

The next major support is now near the $2,250 level. A break below the $2,250 support could push the price to $2,155. Any more losses could lead the price toward $2,100 or even $2,020 in the coming days. Immediate resistance on the upside is near the $2,350 level or 76.4% Fib retracement level of the last downward move from the $2,433 swing high to the $2,100 low.

The next major resistance is near the $2,400 zone. A clear move above the $2,400 level could send the price toward $2,450. Any more gains could even send the price toward the $2,620 resistance zone or $2,700 in the near term.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $2,300 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,250 support 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 – $2,250, followed by the $2,155 zone.

Key Resistance$ Levels – $2,350 and $2,450.

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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