Ethereum Price Analysis: ETH Rallies Above $3K

Ethereum price is showing positive signs above $2,800 against the US Dollar. ETH/USD might rally further if there is a clear move above the $3,200 level.

Ethereum Price Analysis

Recently, ethereum formed a base above the $2,500 level against the US Dollar. ETH price started a strong upward move above the $2,650 and $2,800 resistance levels.

The bulls pushed the price above the 61.8% Fib retracement level of the key decline from the $3,394 swing high to $2,159 swing low. It is now trading above $2,800 and the 55 simple moving average (4-hours). There is also a crucial rising channel forming with support near $2,820 on the 4-hours chart.

Besides, the price is trading comfortably above the 76.4% Fib retracement level of the key decline from the $3,394 swing high to $2,159 swing low. On the upside, the price is facing resistance near the $3,180 level.

The first major resistance is now forming near the $3,200 level. A close above the $3,200 level could start another increase. The next major stop for the bulls could be near the $3,400 level. If there is no upside break above $3,200, the price might start a downside correction.

An immediate support on the downside is near the $3,000 level. The next major support is now near the $2,800 level. A break below the $2,800 support could push the price to $2,720. Any more losses could lead the price towards $2,650. The next major support is near the $2,550, where the bulls might take a stand.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $2,800 zone and the 55 simple moving average (4-hours). Overall, ether price could continue to move rise if there is a clear move above the $3,200 resistance.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 60 level.

Key Support Levels – $3,000, followed by the $2,800 zone.

Key Resistance$ Levels – $3,200 and $3,400.

Source: Read Full Article