Ethereum Price Analysis: ETH Surges As Bulls Aim For $2,800
Ethereum price is moving higher above the $2,500 resistance against the US Dollar.
ETH price is now trading above $2,550 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $2,580 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $2,540 support zone.
Ethereum price is rising above the $2,600 level against the US Dollar. ETH/USD could rise further if it clears the $2,700 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase above the $2,300 level against the US Dollar. ETH price was able to gain pace for a move above the $2,450 level and the 55 simple moving average (4 hours).
The bulls even pushed the price above the $2,600 resistance zone. A high is formed near $2,687 and the price is now consolidating gains. It is trading above the $2,550 level. It is well above the 23.6% Fib retracement level of the upward wave from the $2,472 swing low to the $2,687 high.
Ether price is showing positive signs above $2,550 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $2,580 on the 4-hour chart.
Immediate resistance on the upside is near the $2,680 level. The next major resistance is near the $2,720 zone. A clear move above the $2,720 level could send the price toward $2,800. Any more gains could even send the price toward the $2,880 resistance zone or $2,950 in the near term.
On the downside, initial support is near the $2,635 level. The next major support is now near the $2,580 level or the trend line. It is close to the 50% Fib retracement level of the upward wave from the $2,472 swing low to the $2,687 high, below which the price might test $2,540.
A break below the $2,540 support could push the price to $2,440. Any more losses could lead the price towards $2,200.
Looking at the chart, Ethereum’s price is trading above the $2,550 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $2,540 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 – $2,635, followed by the $2,540 zone.
Key Resistance$ Levels – $2,680 and $2,800.
The post Ethereum Price Analysis: ETH Surges As Bulls Aim For $2,800 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ February 13, 2024 3:08 am