Ethereum Price Analysis: ETH Surges To New ATH Above $3,400

Tuesday 04 May 2021, 5:05 PM AEST - 1 week ago

Ethereum Price

  • Ethereum price started a fresh rally above the $3,000 resistance against the US Dollar.
  • ETH price is currently trading well above $3,000 and the 55 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $3,140 on the 4-hours chart (data feed from Coinbase).
  • The pair is correcting gains, but it is likely to find bids near the $3,150 and $3,000 levels.

Ethereum price is gaining pace above the $3,000 level against the US Dollar. ETH/USD rallied to $3,450 and it is now showing signs of a downside correction.

Ethereum Price Analysis

After forming a base above the $2,200 level, ethereum found started a strong increase against the US Dollar. ETH broke many hurdles near $2,400 and $2,500 to move into further into a bullish zone.

The price broke the $3,000 barrier and settled well above the 55 simple moving average (4-hours). A new all-time high is formed near $3,458 and the price is now correcting gains. It spiked below the $3,350 and $3,300 support levels.

There was a break below the 23.6% Fib retracement level of the upward move from the $2,864 swing low to $3,458 high. An initial support on the downside is near the $3,180 and $3,160 levels.

Moreover, there is a crucial bullish trend line forming with support near $3,140 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the upward move from the $2,864 swing low to $3,458 high. A downside break below the trend line might call for a test of the $3,000 support zone.

On the upside, an initial resistance on the upside is near the $3,350 level. The first major resistance is near the $3,450 level. The main hurdle is at $3,500, above which the price could start a wave towards the $3,800 and $4,000 levels in the near term.

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