Ethereum Price Analysis: ETH Holds Key Uptrend Support

Ethereum price is showing bearish signs below $3,250 against the US Dollar. ETH/USD must stay above the $3,150 support to continue higher in the near term.

Ethereum Price Analysis

In the past few days, ethereum made a couple of attempts to gain strength above $3,350 against the US Dollar. ETH price failed to gain pace above $3,350 and corrected lower.

The last swing high was formed near $3,347 before the price corrected lower. There was a break below the $3,250 support zone. The price traded below the 50% Fib retracement level of the upward move from the $3,147 swing low to $3,347 high.

It is now trading near $3,200 and the 55 simple moving average (4-hours). An immediate support is near the $3,195 level. It is close to the 76.4% Fib retracement level of the upward move from the $3,147 swing low to $3,347 high.

There is also a major bullish trend line forming with support near $3,150 on the 4-hours chart. If there is a downside break below the trend line support, the price could test $3,050. Any more losses could lead the price below $3,000. The next major support is near $2,850.

On the upside, an initial resistance is near the $3,250 zone. The first major resistance is near the $3,350 level, above which the price is likely to resume its increase in the near term. The next stop for the bulls could be near the $3,500 level. An intermediate resistance might be near the $3,420 level.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading near the $3,200 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to rise as long as it is above $3,150 and $3,140.

Technical indicators

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

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

Key Support Levels – $3,150, followed by the $3,050 zone.

Key Resistance Levels – $3,250 and $3,350.

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