Ethereum Price Analysis: ETH Aims Another Increase To $2K
Ethereum price is consolidating above the $1,660 level against the US Dollar. ETH/USD could rise further if it clears the $1,750 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,620 level against the US Dollar. ETH price was able to gain pace for a move above the $1,650 level and the 55 simple moving average (4-hours).
The bulls even pushed the price above the $1,700 resistance zone. However, the bears were active near the $1,740 and $1,750 levels. A high was formed near $1,742 and the price saw a downside correction. There was a move below the $1,700 and $1,680 levels.
There was a move below the 23.6% Fib retracement level of the upward move from the $1,462 swing low to $1,742 high. The price is now trading above $1,630 and the 55 simple moving average (4-hours).
There is also a key contracting triangle forming with support near $1,660 on the 4-hours chart. An immediate resistance on the upside is near the $1,720 level. The next major resistance is near the $1,740 zone and the recent swing high.
A clear move above the $1,740 level could send the price towards $1,820. Any more gains could even send the price towards the $1,950 resistance zone or $2,000 in the near term.
On the downside, an initial support is near the $1,660 level and the triangle trend line. The next major support is now near the $1,600 level or the 50% Fib retracement level of the upward move from the $1,462 swing low to $1,742 high.
A break below the $1,600 support could push the price to $1,530. Any more losses could lead the price towards $1,440 or even $1,400 in the coming days.
Looking at the chart, Ethereum price is clearly trading above the $1,630 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,600 support 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 – $1,660, followed by the $1,600 zone.
Key Resistance$ Levels – $1,720 and $1,740.
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