Ethereum Price Analysis: ETH Retreats Lower, Dips Remain Supported

Ethereum price is trading in a bullish zone above $1,200 against the US Dollar. ETH/USD is likely to make another attempt to test the $1,500 level in the coming sessions.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a strong increase above the $1,200 pivot level against the US Dollar. ETH price broke a few major hurdles near $1,300 and $1,350 to move further into a positive zone.

The price even broke the $1,400 level and settled above the 55 simple moving average (4-hours). Finally, the price traded to a new all-time high at $1,478 before correcting lower. It broke the $1,400 and $1,380 support levels.

There was break below the 23.6% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high. However, the price is holding gains above $1,300. It is currently testing the $1,330 support and the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $1,200 on the 4-hours chart. An intermediate support is near the $1,258 level since it is close to the 50% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high.

On the upside, the $1,380 and $1,400 levels are immediate hurdles. A clear break above the $1,400 level will most likely increase the chances of a break towards the $1,480 and $1,500 resistance levels in the near term. The next major resistance sits near the $1,550 level.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,250 and the 55 simple moving average (4-hours). Overall, ether price could eye a fresh increase above the $1,400 and $1,450 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 still above the 50 level.

Key Support Levels – $1,280, followed by the $1,200 zone.

Key Resistance Levels – $1,400 and $1,450.

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