Ethereum Price Analysis: ETH Could Resume Increase Above $1,885
Ethereum price is eyeing an upside break above the $1,885 resistance against the US Dollar.
ETH price is now trading above $1,835 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $1,850 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $1,835 support zone.
Ethereum price is consolidating above the $1,835 level against the US Dollar. ETH/USD could rise again if it clears the $1,885 resistance zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a bearish wave from the $1,885 zone against the US Dollar. ETH price declined below the $1,850 level and the 55 simple moving average (4 hours).
The bears even pushed the price below the $1,820 level. A low was formed near $1,800 and the price is now attempting a fresh increase. There was a move above the $1,835 resistance level. The price also broke the $1,850 resistance level.
Besides, there was a break above a major bearish trend line with resistance near $1,850 on the 4-hour chart. However, it is still struggling near $1,885. A high is formed near $1,876 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.
Support Intact?
It is now trading above $1,835 and the 55 simple moving average (4 hours). On the downside, initial support is near the $1,835 level or the 50% Fib retracement level of the upward move from the $1,800 swing low to the $1,876 high.
The next major support is now near the $1,810 level. A break below the $1,810 support could push the price to $1,780. Any more losses could lead the price toward $1,750 or even $1,720 in the coming days.
Immediate resistance on the upside is near the $1,875 level. The next major resistance is near the $1,885 zone. A clear move above the $1,885 level could send the price toward $1,920. Any more gains could even send the price toward the $1,980 resistance zone or $2,000 in the near term.
Looking at the chart, Ethereum price is clearly trading above the $1,830 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,835 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,835, followed by the $1,810 zone.
Key Resistance$ Levels – $1,875 and $1,885.
The post Ethereum Price Analysis: ETH Could Resume Increase Above $1,885 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ August 10, 2023 6:08 am