Ethereum Price Analysis: ETH Eyes Upside Break above $2,200

Ethereum price is now showing a lot of positive signs above $2,000 against the US Dollar. ETH/USD already traded to a new all-time high and it could rally further above $2,200

Ethereum Price Analysis

After forming a support base above $1,700, Ethereum started a fresh increase against the US Dollar. ETH broke many hurdles near $1,850 and $1,920 to move into a positive zone.

The bulls took control and pushed the price above the $2,000 resistance. It even traded above the $2,100 level and formed a new all-time high near $2,155. The price is now trading well above $2,000 and the 55 simple moving average (4-hours).

It is testing the 23.6% Fib retracement level of the upward move from the $2,003 swing low to $2,155 high. The first major support on the downside is near the $2,080 level.

The 50% Fib retracement level of the upward move from the $2,003 swing low to $2,155 high is also near the $2,080 level. The main support is now forming near the $2,050 level. There is also a major bullish trend line forming with support near $2,080 on the 4-hours chart.

Any more losses might lead the price towards the key $2,000 breakdown support zone. Conversely, the price might continue to rise above the $2,140 and $2,150 levels. The next major resistance is near the $2,200 level, above which the price is likely to accelerate higher towards the $2,350 level in the near term.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $2,000 level and the 55 simple moving average (4-hours). Overall, ether price could dip in the short-term, but the bulls are likely to aim more gains above $2,150 and $2,200.

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 well above the 50 level.

Key Support Levels – $2,050, followed by the $2,000 zone.

Key Resistance Levels – $2,150 and $2,200.

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