Ethereum Price Analysis: Fresh Increase Above $1,400 Possible

Ethereum Price Analysis

Ethereum Price Analysis: Fresh Increase Above $1,400 Possible

Ethereum price is showing positive signs above the $1,300 level against the US Dollar.
ETH price is now trading above $1,300 and the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $1,290 on the 4-hours chart (data feed from Coinbase).
The pair could climb further if it clears the $1,340 resistance zone.

Ethereum price is rising above the $1,300 level against the US Dollar. ETH/USD could rise further if it clears the $1,340 resistance zone.
Ethereum Price Analysis
This past week, ethereum saw a sharp decline below the $1,300 level against the US Dollar. ETH price even declined below the $1,260 support level and the 55 simple moving average (4-hours).
It traded as low as $1,190 before the bulls appeared. Recently, the price started a fresh increase above the $1,260 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $1,384 swing high to $1,190 low.
The price is now trading above $1,300 and the 55 simple moving average (4-hours). It is now facing sellers near the $1,335 and $1,340 levels. It is near the 76.4% Fib retracement level of the downward move from the $1,384 swing high to $1,190 low.
The next major resistance is near the $1,380 zone or $1,400. Any more gains could even send the price towards the $1,500 resistance zone in the near term or the 1.618 Fib extension level of the downward move from the $1,384 swing high to $1,190 low.
On the downside, an initial support is near the $1,300 level and the 55 simple moving average (4-hours). The next major support is now near the $1,260 level. A break below the $1,260 support could push the price to $1,200. Any more losses could lead the price towards $1,150, below which there is a risk of a larger decline in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading above the $1,300 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,400 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 – $1,300, followed by the $1,260 zone.
Key Resistance$ Levels – $1,340 and $1,400.

Tags: ETH, Ethereum

Leave a Reply

Your email address will not be published. Required fields are marked *

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance