- Ethereum price started a fresh rally above the $3,000 resistance against the US Dollar.
- ETH price is currently trading well above $3,000 and the 55 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $3,140 on the 4-hours chart (data feed from Coinbase).
- The pair is correcting gains, but it is likely to find bids near the $3,150 and $3,000 levels.
Ethereum price is gaining pace above the $3,000 level against the US Dollar. ETH/USD rallied to $3,450 and it is now showing signs of a downside correction.
Ethereum Price Analysis
After forming a base above the $2,200 level, ethereum found started a strong increase against the US Dollar. ETH broke many hurdles near $2,400 and $2,500 to move into further into a bullish zone.
The price broke the $3,000 barrier and settled well above the 55 simple moving average (4-hours). A new all-time high is formed near $3,458 and the price is now correcting gains. It spiked below the $3,350 and $3,300 support levels.
There was a break below the 23.6% Fib retracement level of the upward move from the $2,864 swing low to $3,458 high. An initial support on the downside is near the $3,180 and $3,160 levels.
Moreover, there is a crucial bullish trend line forming with support near $3,140 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $2,864 swing low to $3,458 high. A downside break below the trend line might call for a test of the $3,000 support zone.
On the upside, an initial resistance on the upside is near the $3,350 level. The first major resistance is near the $3,450 level. The main hurdle is at $3,500, above which the price could start a wave towards the $3,800 and $4,000 levels in the near term.
Looking at the chart, Ethereum price is clearly trading well above the $3,000 level and the 55 simple moving average (4-hours). Overall, ether price is correcting gains, but it is likely to find bids near the $3,150 and $3,000 levels.
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 – $3,160, followed by the $3,000 zone.
Key Resistance Levels – $3,400 and $3,500.
