- Ethereum price started a major increase above the $1,800 level against the US Dollar.
- ETH price is now trading above $1,850 and the 55 simple moving average (4-hours).
- There was a break above a connecting bearish trend line with resistance near $1,760 on the 4-hours chart (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $1,920 resistance zone.
Ethereum price is rising above the $1,800 level against the US Dollar. ETH/USD could rise further if it clears the $2,000 resistance zone.
Ethereum Price Analysis
This week, ethereum saw a decent increase above the $1,700 zone against the US Dollar. ETH price was able to clear the $1,720 and $1,750 resistance levels.
The price rallied sharply above the $1,800 and $1,820 levels. There was a break above a connecting bearish trend line with resistance near $1,760 on the 4-hours chart. It even climbed above the $1,900 level and settled above the 55 simple moving average (4-hours).
It formed a high near the $1,920 level and recently started a downside correction. There was a minor move below the $1,900 level, but the price stayed above the 23.6% Fib retracement level of the upward move from the $1,656 swing low to $1,919 high.
On the downside, an initial support is near the $1,860 level. The next major support is now near the $1,785 level. It is near the 50% Fib retracement level of the upward move from the $1,656 swing low to $1,919 high.
A break below the $1,785 support could push the price to $1,750. Any more losses could lead the price towards $1,700 or even 55 simple moving average (4-hours).
An immediate resistance is near the $1,920 level. The next major resistance is near the $1,980 zone or $2,000, above which the price could rise towards the $2,150 level. Any more gains could even send the price above the $2,200 resistance zone.
Looking at the chart, Ethereum price is clearly trading above the $1,800 zone and the 55 simple moving average (4-hours). Overall, ether price could start a fresh increase unless there is a clear move below the $1,785 zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining 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 – $1,860, followed by the $1,785 zone.
Key Resistance$ Levels – $1,920 and $2,000.
