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- Ethereum price declined heavily after trading to a new yearly high at $1,350 against the US Dollar.
- ETH price is currently trading well above $1,000 and the 55 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $920 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue higher if it clears the $1,125 and $1,130 resistance levels in the coming sessions.
Ethereum price is recovering nicely from the $920 zone against the US Dollar. ETH/USD must clear the $1,125 and $1,130 resistance levels to restart the rally to $1,400.
Ethereum Price Analysis
In the past few days, Ethereum saw a strong increase above the $1,000 barrier against the US Dollar. ETH price broke a couple of important hurdles near $1,150 and $1,200. There was also a clear break above the $1,240 level and a close above the 55 simple moving average (4-hours).
The price traded above the $1,130 zone and formed a new 2021 high near $1,350. Recently, it started a downside correction below the $1,200 and $1,100 levels. The bears took control and there was also a break below the $1,000 support zone.
However, the bulls were able to protect the $900 zone. There is also a crucial bullish trend line forming with support near $920 on the 4-hours chart. The price traded as low as $904 and recently started a fresh increase.
It broke the $1,000 level to move into a positive zone. There was also a break above the 50% Fib retracement level of the downside correction from the $1,168 high to $886 low. On the upside, an initial resistance is near the $1,120 level and the 55 simple moving average (4-hours).
The main resistance is now forming near the $1,125 and $1,130 levels (the last breakdown zone). It is also close to the 50% Fib retracement level of the downside correction from the $1,168 high to $886 low.
If there is a clear break above the $1,125 and $1,130 resistance levels, the price might resume its uptrend. The next major resistance is near the $1,200 level, where the bears might appear. If there is another downside correction, the price might find bids near the $1,000 and $985 levels. The main support on the downside is now forming near the $920 level.
Ethereum Price
Looking at the chart, Ethereum price is clearly facing hurdles near $1,130 and the 55 simple moving average (4-hours). Overall, ether price is likely to continue higher if it clears the $1,125 and $1,130 resistance levels in the coming sessions.
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 just below the 50 level.
Key Support Levels – $1,000, followed by the $920 zone.
Key Resistance Levels – $1,130 and $1,200.