- Ethereum price started a fresh increase above $3,000 against the US Dollar.
- ETH price is now trading above $3,200 and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $3,100 on the 4-hours chart (data feed from Coinbase).
- The pair could continue higher as long as it is above the $3,100 support zone.
Ethereum price is showing positive signs above $3,120 against the US Dollar. ETH/USD could accelerate higher above the $3,400 and $3,500 levels in the near term.
Ethereum Price Analysis
After a major decline, ethereum formed a base above the $2,700 zone against the US Dollar. ETH price started a steady increase above the $2,850 level and the 55 simple moving average (4-hours).
The price climbed above the $2,950 and $3,000 resistance levels. There was also a break above a major contracting triangle with resistance near $3,100 on the 4-hours chart. It even traded above the $3,200 level and formed a high near the $3,489.
The price is now correcting gains and trading below $3,400. It tested the 23.6% Fib retracement level of the recent increase from the $2,781 swing low to $3,489 high.
An immediate support on the downside is near the $3,300 level. The first major support is now near the $3,150 level. It is close to the 50% Fib retracement level of the recent increase from the $2,781 swing low to $3,489 high, and the 55 simple moving average (4-hours).
If there is a downside break below the $3,150 and $3,100 support levels, the price could retest $3,000. Any more losses could lead the price towards $2,800.
An immediate resistance is near the $3,480 level. The main resistance is now forming near the $3,500 level. A close above the $3,500 level could open the doors for a fresh increase. The next major resistance for the bulls might be near the $3,780 level.
Looking at the chart, Ethereum price is clearly trading above the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could continue higher as long as it is above the $3,100 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.
Key Support Levels – $3,150, followed by the $3,000 zone.
Key Resistance$ Levels – $3,500 and $3,780.
