Ethereum Price Analysis: ETH Rallies Further, $2,500 Could Be Next
- Ethereum price started a fresh increase above the $2,150 resistance against the US Dollar.
- ETH price is currently trading well above $2,200 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $2,220 on the 4-hours chart (data feed from Coinbase).
- The pair could dip in the short-term, but there are high chances of more gains above $2,400 in the near term.
Ethereum price is now gaining pace above $2,200 against the US Dollar. ETH/USD already traded to a new all-time high and it could rally further above $2,400
Ethereum Price Analysis
After forming a support base above $2,000, Ethereum started another increase against the US Dollar. ETH broke many hurdles near $2,150 and $2,200 to move further into a positive zone.
There was a steady increase above the $2,300 level. The price is now trading well above $2,200 and the 55 simple moving average (4-hours). It already traded to a new all-time high above $2,380 and it is likely to continue higher in the near term.
An initial support on the downside is near the $2,310 level. It is near the 23.6% Fib retracement level of the upward move from the $2,103 swing low to $2,383 high.
The first major support on the downside is near the $2,240 level. The 50% Fib retracement level of the upward move from the $2,103 swing low to $2,383 high is also near the $2,240 level. There is also a key bullish trend line forming with support near $2,220 on the 4-hours chart.
The main support is now forming near the $2,200 level. Any more losses could open the doors for a move towards the $2,100 level. Conversely, the price might continue to rise above the $2,380 and $2,390 levels.
The next major resistance is near the $2,400 level, above which the price is likely to accelerate higher towards the $2,500 level in the near term.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading well above the $2,200 level and the 55 simple moving average (4-hours). Overall, ether price could dip in the short-term, but there are high chances of more gains above $2,400 in the near term.
Technical indicators
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now well above the 60 level.
Key Support Levels – $2,250, followed by the $2,200 zone.
Key Resistance Levels – $2,400 and $2,500.
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