cryptocurrency

Ethereum Price Analysis: ETH Bulls Aiming for $1800 or Above

  • Ethereum price started to increase significantly above the $1600 level against the US Dollar.
  • ETH price is now trading above $1600 and the 55 simple moving average (4 hours).
  • There was a break above the major downtrend line with resistance near $1,570 on the 4-hour chart (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $1700 resistance area.

The price of Ethereum is rising above the $1600 level against the US Dollar. ETH/USD may rise further if it clears the $1,720 resistance area.

Ethereum price analysis

This week, Ethereum saw a nice rally above the $1,530 area against the US Dollar. ETH price managed to surpass the $1,580 and $1,600 resistance levels after forming a base above the $1,530 area.

The price rose sharply above the $1600 and $1620 levels. There was a break above the major downtrend line with resistance near $1,570 on the 4-hour chart. There was a clear move above the 50% Fib retracement level of the downside move from the $1,722 swing high to $1,420 low.

It is now trading above the $1600 area and the 55 simple moving average (4 hours). There is an immediate resistance near the $1,650 level. It is near the 76.4% Fibonacci retracement level of the downside move from the $1,722 high, to the $1,420 low.

The next major resistance is near the $1700 or $1,720 area, above which the price could move towards the $1800 level. Any further gains could send the price above the $2000 resistance area. The middle hurdle might be near the $1,950 level.

On the downside, initial support is near the $1,570 level. The next major support is now near the $1,550 level and the 55 simple moving average (4 hours). A break below the $1,550 support level could push the price towards $1,500. Any further losses could push the price towards $1,420.

Ethereum price

look at me ScheduleEthereum price is clearly trading above the $1600 area and the 55 simple moving average (4-hours). Overall, the price of Ether could gain bullish momentum if the $1700 resistance area is cleared.

Technical Indicators

4-hour MACD – MACD for ETH/USD is gaining momentum in bullish territory.

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

The main support levels are $1550, followed by the $1420 area.

The key resistance levels in dollars are $1720 and $2000.

Tags: ETH, Ethereum

#Ethereum #Price #Analysis #ETH #Bulls #Aiming

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