Ethereum Price Analysis: ETH Holds Key Uptrend Support

Ethereum price is rising above the $2,000 level against the US Dollar. ETH/USD could rise further if it clears the $2,140 resistance zone.

Ethereum Price Analysis

In the past few days, Ethereum saw a decent increase above the $1,880 level against the US Dollar. ETH price was able to gain pace for a move above the $2,000 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $2,100 resistance zone. A high was formed near $2,142 before the bears appeared. There was a minor downside correction below the $2,100 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $1,855 swing low to the $2,142 high.

Ether’s price is now trading above $2,000 and the 55 simple moving average (4 hours). There is also a key rising channel forming with support near $2,060 on the 4-hours chart.

Immediate resistance on the upside is near the $2,100 level. The next major resistance is near the $2,140 zone. A clear move above the $2,140 level could send the price toward $2,200. Any more gains could even send the price toward the $2,320 resistance zone or $2,400 in the near term.

On the downside, initial support is near the $2,060 level. The next major support is now near the $2,050 level. A break below the $2,050 support could push the price to $2,000.

The 50% Fib retracement level of the upward move from the $1,855 swing low to the $2,142 high is also near $2,000. Any more losses could lead the price towards $1,920.

Ethereum Price

Looking at the chart, Ethereum’s price is clearly trading above the $2,000 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $2,000 support 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 – $2,050, followed by the $2,000 zone.

Key Resistance$ Levels – $2,100 and $2,140.

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