- Ethereum price is eyeing an upside break above the $2,050 resistance against the US Dollar.
ETH price is now trading above $2,000 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $2,050 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $1,920 support zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a short-term bearish wave from the $2,150 zone against the US Dollar. ETH price declined below the $2,050 level and the 55 simple moving average (4 hours).
The bears even pushed the price below the $2,000 level. A low was formed near $1,906 and the price is now attempting a fresh increase. There was a move above the $1,950 resistance level. The price also broke the $1,980 resistance level.
There was a move above the 50% Fib retracement level of the recent decline from the $2,136 swing high to the $1,906 low. However, it is still struggling near $2,000. There is also a major bearish trend line forming with resistance near $2,050 on the 4-hour chart.
Ethereum is now trading above $1,980 and the 55 simple moving average (4 hours). On the downside, initial support is near the $1,970 level.
The next major support is now near the $1,920 level. A break below the $1,920 support could push the price to $1,780. Any more losses could lead the price toward $1,650 or even $1,600 in the coming days.
Immediate resistance on the upside is near the $2,050 level or the trend line. It is close to the 61.8% Fib retracement level of the recent decline from the $2,136 swing high to the $1,906 low. The next major resistance is near the $2,150 zone.
A clear move above the $2,150 level could send the price toward $2,250. Any more gains could even send the price toward the $2,320 resistance zone or $2,500 in the near term.
Looking at the chart, Ethereum price is clearly trading above the $2,000 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,920 support zone.
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 – $1,970, followed by the $1,920 zone.
Key Resistance$ Levels – $2,050 and $2,150.
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