Ethereum Price Analysis: ETH Could Revisit $3,500

6 months ago 2

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Ethereum price is eyeing an upside break above the $3,220 resistance against the US Dollar.
ETH price is now trading above $3,100 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $3,150 on the 4-hour chart (data feed from Coinbase).
The pair could climb further if it stays above the $3,000 support zone.

Ethereum price is consolidating above the $3,100 level against the US Dollar. ETH/USD could rise again if it clears the $3,220 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase from the $2,850 zone against the US Dollar. ETH price moved above the $3,000 and $3,020 levels to move into a positive zone.

There was a break above a key bearish trend line with resistance near $3,150 on the 4-hour chart. The price even cleared the 23.6% Fib retracement level of the downward move from the $3,729 swing high to the $2,850 low. The price settled above the $3,150 level.

Ethereum is now trading above $3,150 and the 55 simple moving average (4 hours). On the downside, initial support is near the $3,080 level.

The next major support is now near the $3,050 level. A break below the $3,050 support could push the price to $3,000. Any more losses could lead the price toward $2,920 or even $2,850 in the coming days. Immediate resistance on the upside is near the $3,220 level.

The next major resistance is near the $3,300 zone or the 50% Fib retracement level of the downward move from the $3,729 swing high to the $2,850 low.

The main resistance sits at $3,400. A clear move above the $3,400 level could send the price toward $3,500. Any more gains could even send the price toward the $3,720 resistance zone or $4,000 in the near term.

Looking at the chart, Ethereum price is clearly trading above the $3,120 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $3,000 support zone.