- Ethereum price formed a base above $2,200 and it is slowly rising against the US Dollar.
- ETH price is now trading above $2,500 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $2,550 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to rise steadily towards the $3,000 resistance zone in the near term.
Ethereum price is slowly moving higher above $2,500 against the US Dollar. ETH/USD could gain pace if there is a clear break above the $3,000 resistance.
Ethereum Price Analysis
In the past few days, there was a base formation in ethereum above the $2,000 zone against the US Dollar. ETH traded as low as $2,182 before it started a fresh increase.
The price broke many hurdles near the $2,400 and $2,500 resistance levels. There was a break above a crucial bearish trend line with resistance near $2,550 on the 4-hours chart. The pair climbed above the 50% Fib retracement level of the recent decline from the $2,909 swing high to $2,182 low.
The price is now trading above $2,500 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $2,730 level.
The 76.4% Fib retracement level of the recent decline from the $2,909 swing high to $2,182 low is also near the $2,730 level. A clear break above the $2,730 level could start a strong increase above the $2,800 level. The next major resistance on the upside is near the $3,000 level.
A clear break above the $3,000 zone could start a strong increase. On the downside, the $2,500 level is a decent support. The next major support may possibly be near the $2,200 level. Any more losses might call for a drop towards the $3,000 level in the near term.
Looking at the chart, Ethereum price is clearly trading above the $2,500 level and the 55 simple moving average (4-hours). Overall, ether price is likely to rise steadily towards the $3,000 resistance zone in the near term.
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 above the 50 level.
Key Support Levels – $2,500, followed by the $2,200 zone.
Key Resistance Levels – $2,800 and $3,000.
