Ethereum price is gaining pace from $1,300 against the US Dollar. ETH/USD is likely to continue higher and it may soon revisit the $2,000 zone in the near term.
Ethereum Price Analysis
After a major downside correction, Ethereum found support near the $1,280 level against the US Dollar. ETH started a fresh increase and cleared the $1,500 resistance to move into a positive zone.
There was also a break a major bearish trend line with resistance near $1,550 on the 4-hours chart. The pair surged above the 50% Fib retracement level of the downward move from the $2,040 swing high to $1,287 low. The upward move even gained pace above the $1,600 resistance.
The price is currently trading well above $1,700 and the 55 simple moving average (4-hours). An immediate resistance is near the $1,860 zone.
The 76.4% Fib retracement level of the downward move from the $2,040 swing high to $1,287 low is also near the $1,860 zone to act as a resistance. If there is a clear break above $1,860, the price is likely to accelerate higher towards the $1,920 and $1,950 resistance levels.
The next major resistance is near the $2,000 level. Any more gains might call for a new all-time high above $2,050. Conversely, the price might start a downside correction from $1,860. An initial support is near the $1,800 level. The main support is now forming near the $1,720 zone, below which there is a risk of a drop towards the $1,600 level.
Looking at the chart, Ethereum price is clearly trading well above $1,700 and the 55 simple moving average (4-hours). Overall, ether price is likely to continue higher towards the $1,920 and $2,000 resistance levels in the near term.
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 above the 50 level.
Key Support Levels – $1,800, followed by the $1,720 zone.
Key Resistance Levels – $1,860 and $2,000.
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