Ethereum Price Analysis: ETH Eyes Fresh Increase To $2,450
Ethereum price is eyeing an upside break above the $2,265 resistance against the US Dollar.
ETH price is now trading near $2,250 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $2,265 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $2,150 support zone.
Ethereum price is consolidating above the $2,150 level against the US Dollar. ETH/USD could rise again if it clears the $2,265 resistance zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a short-term bearish wave from the $2,400 zone against the US Dollar. ETH price declined below the $2,250 level and the 55 simple moving average (4 hours).
The bears even pushed the price below the $2,200 level. A low was formed near $2,127 and the price is now attempting a fresh increase. There was a move above the $2,180 resistance level. The price also broke the $2,000 resistance level.
There was a move above the 23.6% Fib retracement level of the key decline from the $2,403 swing high to the $2,127 low. However, it is still struggling near $2,265. There is also a major bearish trend line forming with resistance near $2,265 on the 4-hour chart.
Ethereum is now trading near $2,250 and the 55 simple moving average (4 hours). On the downside, initial support is near the $2,190 level.
The next major support is now near the $2,155 level. A break below the $2,155 support could push the price to $2,080. Any more losses could lead the price toward $2,000 or even $1,880 in the coming days.
Immediate resistance on the upside is near the $2,260 level or the trend line. It is close to the 50% Fib retracement level of the key decline from the $2,403 swing high to the $2,127 low. The next major resistance is near the $2,330 zone.
A clear move above the $2,330 level could send the price toward $2,450. Any more gains could even send the price toward the $2,550 resistance zone or $2,700 in the near term.
Looking at the chart, Ethereum price is clearly trading near the $2,250 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $2,150 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 – $2,150, followed by the $2,080 zone.
Key Resistance$ Levels – $2,265 and $2,330.
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Filed under: Bitcoin - @ December 19, 2023 4:58 am