Ethereum Price Analysis: ETH Gains Pace Above $3,200

  • Ethereum price started a fresh increase above $3,000 against the US Dollar.
  • ETH price is now trading above $3,200 and the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $3,100 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue higher as long as it is above the $3,100 support zone.

Ethereum price is showing positive signs above $3,120 against the US Dollar. ETH/USD could accelerate higher above the $3,400 and $3,500 levels in the near term.

Ethereum Price Analysis

After a major decline, ethereum formed a base above the $2,700 zone against the US Dollar. ETH price started a steady increase above the $2,850 level and the 55 simple moving average (4-hours).

The price climbed above the $2,950 and $3,000 resistance levels. There was also a break above a major contracting triangle with resistance near $3,100 on the 4-hours chart. It even traded above the $3,200 level and formed a high near the $3,489.

The price is now correcting gains and trading below $3,400. It tested the 23.6% Fib retracement level of the recent increase from the $2,781 swing low to $3,489 high.

An immediate support on the downside is near the $3,300 level. The first major support is now near the $3,150 level. It is close to the 50% Fib retracement level of the recent increase from the $2,781 swing low to $3,489 high, and the 55 simple moving average (4-hours).

If there is a downside break below the $3,150 and $3,100 support levels, the price could retest $3,000. Any more losses could lead the price towards $2,800.

An immediate resistance is near the $3,480 level. The main resistance is now forming near the $3,500 level. A close above the $3,500 level could open the doors for a fresh increase. The next major resistance for the bulls might be near the $3,780 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could continue higher as long as it is above the $3,100 support zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.

Key Support Levels – $3,150, followed by the $3,000 zone.

Key Resistance$ Levels – $3,500 and $3,780.

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Source: Live Bitcoin News