Ethereum Price Analysis: ETH Eyeing More Gains

Ethereum Price Analysis: ETH Eyeing More Gains

August 10, 2021

Ethereum price is showing positive signs above $3,000 against the US Dollar. ETH/USD must stay above the $2,880 support to continue higher in the near term.

Ethereum Price Analysis

In the past few days, ethereum started a steady increase above the $2,500 zone against the US Dollar. ETH price gained pace after it broke the $2,800 resistance zone.

There was a clear break above the $3,000 level and the 55 simple moving average (4-hours). The price accelerated higher above the $3,050 and $3,150 levels. It even spiked above the $3,200 level. A high was formed near $3,205 and it is now consolidating gains.

It is trading near the 23.6% Fib retracement level of the upward move from the $2,891 swing low to $3,205 high. The first key support on the downside is near the $3,050 level.

There is also a key bullish trend line forming with support near $3,040 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $2,891 swing low to $3,205 high. Any more losses could lead the price below $3,000.

The next major support is near $2,880, where the bulls might appear. On the upside, an initial resistance is near the $3,200 zone. The first major resistance is near the $3,250 level, above which the price is likely to resume its rally in the near term. The next stop for the bulls could be near the $3,500 level. An intermediate resistance might be near the $3,350 level.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $3,000 zone and the 55 simple moving average (4-hours). Overall, ether price is consolidating gains and it might start a fresh increase above $3,200.

Technical indicators

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

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

Key Support Levels – $3,040, followed by the $2,880 zone.

Key Resistance Levels – $3,200 and $3,500.

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