Ethereum Price Analysis: ETH Bulls Aim $1,800 or Higher


$ 89,318.4
€ 84,516.4
¥ 38,800.0
£ 70,600.4
BTC
-1.17 %
$ 3,060.40
€ 2,895.77
¥ 1,329.32
£ 2,421.43
ETH
-2.37 %
$ 157.78
€ 149.08
¥ 68.44
£ 124.56
XMR
5.07 %
$ 86.98
€ 82.17
¥ 37.79
£ 68.76
LTC
-8.78 %
  • Ethereum price started a major increase above the $1,600 level against the US Dollar.
  • ETH price is now trading above $1,600 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $1,570 on the 4-hours chart (data feed from Coinbase).
  • The pair could gain bullish momentum if it clears the $1,700 resistance zone.

Ethereum price is rising above the $1,600 level against the US Dollar. ETH/USD could rise further if it clears the $1,720 resistance zone.

Ethereum Price Analysis

This week, ethereum saw a decent increase above the $1,530 zone against the US Dollar. ETH price was able to clear the $1,580 and $1,600 resistance levels after it formed a base above the $1,530 zone.

The price rallied sharply above the $1,600 and $1,620 levels. There was a break above a key bearish trend line with resistance near $1,570 on the 4-hours chart. There was a clear move above the 50% Fib retracement level of the downward move from the $1,722 swing high to $1,420 low.

It is now trading above the $1,600 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $1,650 level. It is near the 76.4% Fib retracement level of the downward move from the $1,722 swing high to $1,420 low.

The next major resistance is near the $1,700 zone or $1,720, above which the price could rise towards the $1,800 level. Any more gains could even send the price above the $2,000 resistance zone. An intermediate hurdle could be near the $1,950 level.

On the downside, an 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 could push the price to $1,500. Any more losses could lead the price towards $1,420.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could gain bullish momentum if it clears the $1,700 resistance zone.

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 50 level.

Key Support Levels – $1,550, followed by the $1,420 zone.

Key Resistance$ Levels – $1,720 and $2,000.

The post Ethereum Price Analysis: ETH Bulls Aim $1,800 or Higher appeared first on Live Bitcoin News.

Author: