- Ethereum price started a decent recovery wave from the $1,700 zone against the US Dollar.
- ETH price is now trading well above $2,000 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $1,850 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to correct further higher towards the $2,275 resistance zone in the near term.
Ethereum price is recovering higher above $2,000 against the US Dollar. ETH/USD could rise further, but the bears might appear near $2,275.
Ethereum Price Analysis
There was a downside extension in ethereum below the $2,000 support zone against the US Dollar. ETH price even broke the $1,800 level and settled below the 55 simple moving average (4-hours).
However, the bulls appeared near the $1,700 zone. A low was formed near $1,698 before the price started a strong increase. There was a break above the $1,850 and $1,880 resistance levels. The price climbed above the 23.6% Fib retracement level of the key decline from the $2,649 swing high to $1,698 low.
There was also a break above a key bearish trend line with resistance near $1,850 on the 4-hours chart. The pair is now trading well above $2,000 and the 55 simple moving average (4-hours).
An immediate resistance is near the $2,175 level. It is near the 50% Fib retracement level of the key decline from the $2,649 swing high to $1,698 low. The next major resistance is near the $2,275 level (the last key breakdown zone).
Any more gains could set the pace for a move towards the $2,500 level. On the downside, an immediate support is near the $2,040 level. The next major support is near the $1,850 level. Any more losses could set the pace for a drop towards the $1,700 support zone in the near term.
Looking at the chart, Ethereum price is clearly trading well above the $2,000 zone and the 55 simple moving average (4-hours). Overall, ether price is likely to correct further higher towards the $2,275 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 well above the 50 level.
Key Support Levels – $2,050, followed by the $1,850 zone.
Key Resistance Levels – $2,175 and $2,275.
