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HomeAltcoin NewsEthereum Price Analysis: ETH Turns Attractive On Dips

Ethereum Price Analysis: ETH Turns Attractive On Dips

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  • Ethereum price is moving higher above the $1,700 resistance against the US Dollar.
  • ETH price is now trading above $1,700 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $1,730 on the 4-hours chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,660 support zone.

Ethereum price is consolidating above the $1,730 level against the US Dollar. ETH/USD could rise further if it clears the $1,850 resistance zone.

Ethereum Price Analysis

In the past few days, ethereum saw a decent increase above the $1,600 level against the US Dollar. ETH price was able to gain pace for a move above the $1,660 level and the 55 simple moving average (4-hours).

The bulls even pushed the price above the $1,730 resistance zone. Finally, the price spiked above the $1,800 level and tested the $1,850 resistance zone. A high is formed near $1,846 and the price is now correcting gains. There was a minor decline below the $1,800 level.

Ether price declined below the 23.6% Fib retracement level of the upward move from the $1,613 swing low to $1,846 high. It is now consolidating above $1,700 and the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $1,730 on the 4-hours chart. An immediate resistance on the upside is near the $1,790 level. The next major resistance is near the $1,850 zone and the last swing high.

A clear move above the $1,850 level could send the price towards $1,920. Any more gains could even send the price towards the $2,000 resistance zone or $2,120 in the near term.

On the downside, an initial support is near the $1,730 level and the trend line. The next major support is now near the $1,700 level. A break below the $1,700 support could push the price to $1,660 or the 50% Fib retracement level of the upward move from the $1,613 swing low to $1,846 high. Any more losses could lead the price towards $1,550.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,700 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,660 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,730, followed by the $1,660 zone.

Key Resistance$ Levels – $1,800 and $1,850.

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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