- 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.
Looking at the
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.