Ethereum price is about to break higher above $1,800 against the US Dollar. ETH/USD is likely to aim a test of $2,000 if it remains stable above $1,500.
Ethereum Price Analysis
In the past few days, Ethereum remained in a positive zone above the $1,500 level against the US Dollar. ETH price corrected lower, but dips were limited below the $1,500 level.
The recent swing low was formed near $1,494 before the price started a fresh increase. The price gained pace above the $1,500 and $1,600 resistance levels. It even cleared the $1,700 level and settled well above the 55 simple moving average (4-hours).
A high was formed near $1,779 and the price is now consolidating gains. On the downside, an initial support is near the $1,710 level. It is close to the 23.6% Fib retracement level of the recent increase from the $1,494 low to $1,779 high.
The next major support is near the $1,650 level. The 50% Fib retracement level of the recent increase from the $1,494 low to $1,779 high is also near $1,640. Moreover, there is also a major bullish trend line forming with support near $1,480 on the 4-hours chart.
On the upside, an immediate resistance is near the $1,750 level. If there is a clear break above the $1,750 and $1,770 resistance levels, the price could easily rally above $1,800. In the stated case, the price might surge 8%-10% in the coming sessions. The next major resistance could be near $2,000.
Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,650 and the 55 simple moving average (4-hours). Overall, ether price seems to be eyeing an upside break above $1,800 and $1,850 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 well above the 50 level.
Key Support Levels – $1,650, followed by the $1,500 zone.
Key Resistance Levels – $1,750 and $2,000.
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