- Ethereum price extended its increase above the $3,000 resistance against the US Dollar.
- ETH price is now trading well above $3,000 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $3,040 on the 4-hours chart (data feed from Coinbase).
- The pair is consolidating gains and it might start a fresh increase above $3,200.
Ethereum price is showing positive signs above $3,000 against the US Dollar. ETH/USD must stay above the $2,880 support to continue higher in the near term.
Ethereum Price Analysis
In the past few days, ethereum started a steady increase above the $2,500 zone against the US Dollar. ETH price gained pace after it broke the $2,800 resistance zone.
There was a clear break above the $3,000 level and the 55 simple moving average (4-hours). The price accelerated higher above the $3,050 and $3,150 levels. It even spiked above the $3,200 level. A high was formed near $3,205 and it is now consolidating gains.
It is trading near the 23.6% Fib retracement level of the upward move from the $2,891 swing low to $3,205 high. The first key support on the downside is near the $3,050 level.
There is also a key bullish trend line forming with support near $3,040 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $2,891 swing low to $3,205 high. Any more losses could lead the price below $3,000.
The next major support is near $2,880, where the bulls might appear. On the upside, an initial resistance is near the $3,200 zone. The first major resistance is near the $3,250 level, above which the price is likely to resume its rally in the near term. The next stop for the bulls could be near the $3,500 level. An intermediate resistance might be near the $3,350 level.
Looking at the chart, Ethereum price is clearly trading well above the $3,000 zone and the 55 simple moving average (4-hours). Overall, ether price is consolidating gains and it might start a fresh increase above $3,200.
4 hours MACD – The MACD for ETH/USD is slowly 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 – $3,040, followed by the $2,880 zone.
Key Resistance Levels – $3,200 and $3,500.