Bitcoin

Ethereum Price Analysis: ETH Rally Is Just Getting Started

1 Mins read
  • Ethereum price is moving higher above the $2,000 resistance against the US Dollar.
  • ETH price is now trading above $2,000 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $1,980 on the 4-hour chart (data feed from Coinbase).
  • The pair could climb further if it stays above the $1,950 support zone.

Ethereum price is rising above the $1,950 level against the US Dollar. ETH/USD could rise further if it clears the $2,150 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase above the $1,920 level against the US Dollar. ETH price was able to gain pace for a move above the $1,950 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $2,000 resistance zone. A high is formed near $2,136 and the price is now consolidating gains. It is trading above the $2,000 level. It is testing the 23.6% Fib retracement level of the upward wave from the $1,777 swing low to the $2,136 high.

Ether’s price is showing positive signs above $1,950 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $1,980 on the 4-hour chart.

Immediate resistance on the upside is near the $2,080 level. The next major resistance is near the $2,150 zone. A clear move above the $2,150 level could send the price toward $2,250. Any more gains could even send the price toward the $2,340 resistance zone or $2,420 in the near term.

On the downside, initial support is near the $2,000 level. The next major support is now near the $1,980 level or the trend line, below which the price might test the 50% Fib retracement level of the upward wave from the $1,777 swing low to the $2,136 high at $1,950.

A break below the $1,950 support could push the price to $1,920. Any more losses could lead the price towards $1,780.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum’s price is trading above the $1,980 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $1,950 support 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 – $1,980, followed by the $1,950 zone.

Key Resistance$ Levels – $2,080 and $2,150.


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