- Ethereum price started a major increase above the $1,700 level against the US Dollar.
- ETH price is now trading above $1,640 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $1,650 on the 4-hours chart (data feed from Coinbase).
- The pair could rally further if it clears the $1,800 resistance zone.
Ethereum price is rising above the $1,640 level against the US Dollar. ETH/USD could rise further if it clears the $1,800 resistance zone.
Ethereum Price Analysis
This week, ethereum saw a fresh increase from the $1,480 zone against the US Dollar. ETH price was able to clear the $1,550 and $1,600 resistance levels to move into a positive zone.
The price even rallied above the $1,650 level and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $1,650 on the 4-hours chart. However, the price faced sellers near the $1,790 and $1,800 levels. A high is formed near $1,789 and the price is now correcting gains.
There was a minor decline below the $1,760 and $1,750 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $1,489 swing low to $1,689 high.
It is now trading above the $1,640 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $1,750 level. The next major resistance is near the $1,780 zone or $1,800, above which the price could rise towards the $1,880 level.
Any more gains could even send the price towards the $2,000 resistance zone. An intermediate hurdle could be near the $1,920 level.
On the downside, an initial support is near the $1,680 level. The next major support is now near the $1,640 level and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the upward move from the $1,489 swing low to $1,689 high.
A break below the $1,640 support could push the price to $1,600. Any more losses could lead the price towards $1,500.
Looking at the chart, Ethereum price is clearly trading above the $1,640 zone and the 55 simple moving average (4-hours). Overall, ether price could gain bullish momentum if it clears the $1,800 resistance 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 – $1,640, followed by the $1,600 zone.
Key Resistance$ Levels – $1,780 and $1,800.
