Ethereum Price Analysis: ETH Trims Gains From $4,220, But Dips Limited

By May 11, 2021Ethereum
Click here to view original web page at www.livebitcoinnews.com
Ethereum Price
  • Ethereum price started a fresh rally above the $4,000 resistance against the US Dollar.
  • ETH price is currently trading well above $3,500 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $3,800 on the 4-hours chart (data feed from Coinbase).
  • The pair is correcting gains, but it is likely to find bids near the $3,800 and $3,600 levels.

Ethereum price extended its rally above the $4,000 level against the US Dollar. ETH/USD rallied to $4,226 and it is now correcting gains.

Ethereum Price Analysis

After a proper close above $3,200, ethereum found extended its rally against the US Dollar. ETH broke many hurdles near $3,400 and $3,500 to move into further into a bullish zone.

The price broke the $4,000 barrier and settled well above the 55 simple moving average (4-hours). A new all-time high is formed near $4,226 and the price is now correcting gains. It spiked below the $4,000 and $3,800 support levels.

However, the price remained well bid above the $3,600 level. A low is formed near $3,661 and the price is now recovering losses. It climbed above the 23.6% Fib retracement level of the recent decline from the $4,226 high to $3,661 low.

The price is now trading well above $3,500 and the 55 simple moving average (4-hours). An immediate resistance is near the $3,943 level. It is near the 50% Fib retracement level of the recent decline from the $4,226 high to $3,661 low.

The main resistance is now near the $4,000 level. A successful close above the $4,000 level could trigger another rally. The next major resistance could be near the recent high at $4,226.

On the downside, the $3,800 level is a key support. There is also a major bullish trend line forming with support near $3,800 on the 4-hours chart. If there is a downside break below the trend line, the price could test the $3,600 support. The main support is near the 55 simple moving average (4-hours) at $3,500.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $3,500 level and the 55 simple moving average (4-hours). Overall, ether price is correcting gains, but it is likely to find bids near the $3,800 and $3,600 levels.

Technical indicators

4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now approaching the 50 level.

Key Support Levels – $3,800, followed by the $3,600 zone.

Key Resistance Levels – $4,000 and $4,220.

Leave a Reply

All Today's Crypto News In One Place