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Ethereum Price Analysis: ETH Turns Positive Above $2K

  • Ethereum price started a fresh increase above the key $2,000 resistance against the US Dollar.
  • ETH price is now trading well above $2,000 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $2,220 on the 4-hours chart (data feed from Coinbase).
  • The pair is correcting gains, but it might find bids near the $2,000 zone.

Ethereum price is showing positive signs above $2,000 against the US Dollar. ETH/USD rallied towards the $2,500 level and it is now correcting gains.

Ethereum Price Analysis

In the past few sessions, ethereum started a steady increase from well below $2,000 against the US Dollar. ETH price formed a base above the $1,720 level and it started a major recovery.

There was a clear break above the $2,000 level and the 55 simple moving average (4-hours). The price accelerated higher above the $2,200 and $2,300 levels. It even spiked above the $2,400 level. A high was formed near $2,444 before the price corrected lower.

There was a break below the 23.6% Fib retracement level of the upward move from the $1,722 swing low to $2,444 high. There was also a break below a key bullish trend line with support near $2,220 on the 4-hours chart.

The price is now trading near the $2,180 support zone. The first major support is near the $2,080 level. It is near the 50% Fib retracement level of the upward move from the $1,722 swing low to $2,444 high. The main support is now forming near the $2,000 level and the 55 simple moving average (4-hours).

Any more losses might start a fresh decline towards the $1,720 level. On the upside, an initial resistance is near the $2,250 zone. The first major resistance is near the $2,350 level, above which the price is likely to resume its upward move in the near term.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $2,000 zone and the 55 simple moving average (4-hours). Overall, ether price is correcting gains, but it might find bids near the $2,000 zone.

Technical indicators

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

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

Key Support Levels – $2,080, followed by the $2,000 zone.

Key Resistance Levels – $2,250 and $2,350.

Tags: ETH, Ethereum

Source: livebitcoinnews.com
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