Ethereum price is consolidating above the $1,730 level against the US Dollar. ETH/USD could rise further if it clears the $1,850 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,600 level against the US Dollar. ETH price was able to gain pace for a move above the $1,660 level and the 55 simple moving average (4-hours).
The bulls even pushed the price above the $1,730 resistance zone. Finally, the price spiked above the $1,800 level and tested the $1,850 resistance zone. A high is formed near $1,846 and the price is now correcting gains. There was a minor decline below the $1,800 level.
Ether price declined below the 23.6% Fib retracement level of the upward move from the $1,613 swing low to $1,846 high. It is now consolidating above $1,700 and the 55 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $1,730 on the 4-hours chart. An immediate resistance on the upside is near the $1,790 level. The next major resistance is near the $1,850 zone and the last swing high.
A clear move above the $1,850 level could send the price towards $1,920. Any more gains could even send the price towards the $2,000 resistance zone or $2,120 in the near term.
On the downside, an initial support is near the $1,730 level and the trend line. The next major support is now near the $1,700 level. A break below the $1,700 support could push the price to $1,660 or the 50% Fib retracement level of the upward move from the $1,613 swing low to $1,846 high. Any more losses could lead the price towards $1,550.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $1,700 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,660 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,730, followed by the $1,660 zone.
Key Resistance$ Levels – $1,800 and $1,850.
Source: Read Full Article