- Ethereum price gained pace above the $2,100 and $2,200 resistance levels against the US Dollar.
- ETH price is now trading well above $2,100 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 could either decline heavily or it might start a fresh increase above $2,300 in the near term.
Ethereum price is struggling to hold gains above $2,200 against the US Dollar. ETH/USD could decline heavily if it fails to stay above $2,200 and $2,150.
Ethereum Price Analysis
There was a decent increase in ethereum above the $2,000 support zone against the US Dollar. ETH price broke the $2,100 level and settled above the 55 simple moving average (4-hours).
The bulls gained strength and the price climbed above the $2,300 level. A high was formed near $2,388 and the price is now correcting lower. It broke the $2,320 and $2,300 support levels. There was a break below the 23.6% Fib retracement level of the recent increase from the $2,018 swing low to $2,388 high.
It is now trading near the $2,200 support 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.
If there is a downside break below the trend line, the price could test the $2,150 support. The 55 SMA is also near $2,150. Any more losses might lead the price towards the $2,000 support zone. Any more losses could set the pace for a drop towards the $1,850 support zone in the near term.
An immediate resistance is near the $2,250 level. 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 $2,400 level. The next major resistance is near the $2,500 level.
Looking at the chart, Ethereum price is clearly trading well above the $2,100 zone and the 55 simple moving average (4-hours). Overall, ether price could either decline heavily or it might start a fresh increase above $2,300 in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is 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 – $2,200, followed by the $2,150 zone.
Key Resistance Levels – $2,275 and $2,400.
