- Ethereum price is moving higher above the $1,800 resistance against the US Dollar.
- ETH price is now trading above $1,800 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $1,830 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,800 support zone.
Ethereum price is consolidating above the $1,830 level against the US Dollar. ETH/USD could rise further if it clears the $1,950 resistance zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a decent increase above the $1,750 level against the US Dollar. ETH price was able to gain pace for a move above the $1,800 level and the 55 simple moving average (4 hours).
The bulls even pushed the price above the $1,850 resistance zone. Finally, the price spiked above the $1,920 level and tested the $1,950 resistance zone. A high is formed near $1,943 and the price is now correcting gains. There was a minor decline below the $1,900 level.
Ether price declined below the 23.6% Fib retracement level of the upward move from the $1,763 swing low to the $1,943 high. It is now consolidating above $1,850 and the 55 simple moving average (4 hours).
There is also a major bullish trend line forming with support near $1,830 on the 4-hours chart. Immediate resistance on the upside is near the $1,920 level. The next major resistance is near the $1,950 zone and the last swing high.
A clear move above the $1,950 level could send the price toward $2,000. Any more gains could even send the price toward the $2,150 resistance zone or $2,200 in the near term.
On the downside, initial support is near the $1,850 level and the trend line. It coincides with the 50% Fib retracement level of the upward move from the $1,763 swing low to the $1,943 high. The next major support is now near the $1,800 level.
A break below the $1,800 support could push the price to $1,700. Any more losses could lead the price towards $1,650.
Looking at the chart, Ethereum’s price is clearly trading above the $1,800 zone and the 55 simple moving average (4 hours). Overall, ether price could climb further if it stays above the $1,800 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 – $1,830, followed by the $1,800 zone.
Key Resistance$ Levels – $1,950 and $2,000.
