- Ethereum price started a fresh increase after testing the $2,000 support against the US Dollar.
- ETH price is currently trading well above $2,300 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $2,200 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue higher towards the $2,600 level or even $2,800.
Ethereum price is showing positive signs above $2,300 against the US Dollar. ETH/USD remains well supported and it seems to be eyeing a strong surge to $2,800.
Ethereum Price Analysis
After a strong decline, ethereum found support near the $2,000 zone against the US Dollar. ETH spiked down on a couple of occasions, but it remained stable above the $2,000 zone.
A swing low was formed near $2,061 before the price started a fresh increase. It broke the $2,200 and $2,250 resistance levels. There was a clear break above the 50% Fib retracement level of the downward move from the $2,650 high to $2,061 low.
The bulls were able to push the price above the key $2,350 resistance zone. It is currently trading well above $2,300 and the 55 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $2,200 on the 4-hours chart. The pair is now consolidating above the 76.4% Fib retracement level of the downward move from the $2,650 high to $2,061 low.
It is facing resistance near the $2,550 level. A clear upside break above the $2,550 resistance could set the pace for a move towards the $2,650 level. Any more gains could lead the price towards the $2,800 level.
On the downside, an immediate support is near the $2,450 level. The main support is near the $2,350 level and the 55 simple moving average (4-hours). Any more losses might call for a test of the trend line at $2,200.
Looking at the chart, Ethereum price is clearly trading well above the $2,300 level and the 55 simple moving average (4-hours). Overall, ether price is likely to continue higher towards the $2,600 level or even $2,800 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 – $2,350, followed by the $2,200 zone.
Key Resistance Levels – $2,550 and $2,650.
