- Ethereum price started a fresh increase from the $3,200 support zone against the US Dollar.
- ETH price is now trading above $3,400 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $3,420 on the 4-hours chart (data feed from Coinbase).
- The pair could continue to move up if it clears the $3,550 resistance zone.
Ethereum price is gaining pace above $3,400 against the US Dollar. ETH/USD eyes more upsides if there is no downside break below $3,300.
Ethereum Price Analysis
Recently, ethereum saw a fresh increase after it formed a base above $3,200 against the US Dollar. ETH price traded above the $3,350 resistance to move into a positive zone.
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The price even climbed above the $3,400 level and the 55 simple moving average (4-hours). Finally, there was a break above the $3,500 level and the price traded as high as $3,581. It is now consolidating gains and trading near the $3,500 zone.
There was a move below the 23.6% Fib retracement level of the upward move from the $3,211 swing low to $3,581 high. However, the bulls were active above the $3,400 level and the 55 simple moving average (4-hours).
The price stayed above the 50% Fib retracement level of the upward move from the $3,211 swing low to $3,581 high. There is also a key bullish trend line forming with support near $3,420 on the 4-hours chart. On the upside, the price is facing resistance near the $3,530 level. The first major resistance is now forming near the $3,550 level.
A clear move above the $3,550 level might start a steady increase. The next key resistance is near the $3,800 zone, above which the price might accelerate higher towards the $4,000 level.
If not, the price might correct lower below $3,400. The next major support is now near the $3,300 level. A break below the $3,300 support could push the price to $3,200. Any more losses could lead the price towards $3,050 or even $3,000.
Looking at the chart, Ethereum price is clearly trading above the $3,400 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move up if it clears the $3,550 resistance zone.
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 – $3,300, followed by the $3,200 zone.
Key Resistance$ Levels – $3,550 and $3,850.
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