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Ethereum Price Analysis: ETH Aims Larger Recovery Above $2,200

Ethereum price started a decent recovery wave from the $1,700 zone against the US Dollar.
ETH price is now trading well above $2,000 and the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $1,850 on the 4-hours chart (data feed from Coinbase).
The pair is likely to correct further higher towards the $2,275 resistance zone in the near term.

Ethereum price is recovering higher above $2,000 against the US Dollar. ETH/USD could rise further, but the bears might appear near $2,275.

Ethereum Price Analysis

There was a downside extension in ethereum below the $2,000 support zone against the US Dollar. ETH price even broke the $1,800 level and settled below the 55 simple moving average (4-hours).

However, the bulls appeared near the $1,700 zone. A low was formed near $1,698 before the price started a strong increase. There was a break above the $1,850 and $1,880 resistance levels. The price climbed above the 23.6% Fib retracement level of the key decline from the $2,649 swing high to $1,698 low.

There was also a break above a key bearish trend line with resistance near $1,850 on the 4-hours chart. The pair is now trading well above $2,000 and the 55 simple moving average (4-hours).

An immediate resistance is near the $2,175 level. It is near the 50% Fib retracement level of the key decline from the $2,649 swing high to $1,698 low. The next major resistance is near the $2,275 level (the last key breakdown zone).

Any more gains could set the pace for a move towards the $2,500 level. On the downside, an immediate support is near the $2,040 level. The next major support is near the $1,850 level. Any more losses could set the pace for a drop towards the $1,700 support zone in the near term.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $2,000 zone and the 55 simple moving average (4-hours). Overall, ether price is likely to correct further higher towards the $2,275 resistance zone in the near term.

Technical indicators

4 hours MACD – The MACD for ETH/USD is 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 – $2,050, followed by the $1,850 zone.

Key Resistance Levels – $2,175 and $2,275.

The post Ethereum Price Analysis: ETH Aims Larger Recovery Above $2,200 appeared first on Live Bitcoin News.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,161 0.10 % 2.79 % 15.30 %
Ethereum5,546.8 0.68 % 7.24 % 15.66 %
Binance Coin669.15 0.09 % 2.95 % 7.14 %
Cardano2.920 0.32 % 3.70 % 0.19 %
Tether1.340 0.02 % 0.03 % 0.07 %
XRP1.530 0.82 % 4.95 % 1.59 %
Solana234.16 1.98 % 12.60 % 18.59 %
Polkadot59.26 0.16 % 7.55 % 6.76 %
Dogecoin0.3384 0.18 % 3.35 % 9.29 %
USD Coin1.330 0.10 % 0.36 % 0.01 %

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