cryptocurrency

Ethereum Price Analysis: Rally could pick up pace above $1800

  • The price of Ethereum started to increase significantly above the $1,700 level against the US Dollar.
  • ETH price is now trading above $1,640 and the 55 simple moving average (4-hours).
  • There was a break above the major downtrend line with resistance near $1,650 on the 4-hour chart (data feed from Coinbase).
  • The pair could rise further if it clears the resistance area at $1,800.

Ethereum price is rising above the $1,640 level against the US dollar. ETH/USD may rise further if the resistance area at $1,800 is cleared.

Ethereum price analysis

This week, Ethereum saw a new high from the $1480 area against the US Dollar. ETH price was able to break above the $1550 and $1600 resistance levels to move into positive territory.

The price rose above the $1,650 level and the 55 simple moving average (4 hours). There was also a break above the major downtrend line with resistance near $1,650 on the 4-hour chart. However, the price encountered sellers near the $1,790 and $1,800 levels. A top formed near $1,789 and the price is now correcting gains.

There was a slight dip below the $1,760 and $1,750 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $1,489 swing low to the $1,689 high.

It is now trading above the $1,640 area and the 55 simple moving average (4-hours). There is an immediate resistance near the $1750 level. The next major resistance is near the $1,780 or $1,800 area, above which the price could rise towards the $1,880 level.

Any further gains could send the price towards the $2000 resistance area. The middle hurdle might be near the $1,920 level.

On the downside, initial support is near the $1,680 level. The next major support is now near the $1,640 level and the 55 simple moving average (4 hours). It is close to the 50% Fib retracement level of the upward move from the $1,489 swing low to the $1,689 high.

A break below the $1,640 support could push the price to $1,600. Any further losses could push the price towards $1,500.

Ethereum price

look at me ScheduleEthereum price is clearly trading above the $1,640 area and the 55 simple moving average (4-hours). In general, the price of Ether could gain bullish momentum if the resistance area at $1,800 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 $1,640, followed by the $1,600 area.

The key resistance levels in the dollar are $1,780 and $1,800.

Tags: ETH, Ethereum

#Ethereum #Price #Analysis #Rally #pick #pace

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