Ethereum Price Analysis: ETH Eyes Upside Break Above $3,650

By October 12, 2021Ethereum
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Ethereum Price
  • Ethereum price started a fresh increase above $3,200 against the US Dollar.
  • ETH price is now trading above $3,300 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $3,400 on the 4-hours chart (data feed from Coinbase).
  • The pair could continue higher as long as it is above the $3,300 support zone.

Ethereum price is showing positive signs above $3,300 against the US Dollar. ETH/USD could accelerate higher above the $3,600 and $3,650 levels in the near term.

Ethereum Price Analysis

After forming a base above $3,000, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $3,200 level and the 55 simple moving average (4-hours).

The price climbed above the $3,300 and $3,500 resistance levels. It even traded above the $3,600 level and formed a high near the $3,670. The price is now correcting gains and trading below $3,600. It tested the 23.6% Fib retracement level of the recent wave from the $2,782 swing low to $3,670 high.

An immediate support on the downside is near the $3,460 level. The first major support is now near the $3,400 level. There is also a key bullish trend line forming with support near $3,400 on the 4-hours chart.

The next major support is near the $3,220 level. It is close to the 50% Fib retracement level of the recent wave from the $2,782 swing low to $3,670 high. If there is a downside break below the $3,300 and $3,220 support levels, the price could retest $3,000. Any more losses could lead the price towards $2,850.

An immediate resistance is near the $3,550 level. The main resistance is now forming near the $3,650 level. A close above the $3,650 level could open the doors for a fresh increase. The next major resistance for the bulls might be near the $4,000 level.

Ethereum Price
Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $3,300 zone and the 55 simple moving average (4-hours). Overall, ether price could continue higher as long as it is above the $3,300 support zone.

Technical indicators

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

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

Key Support Levels – $3,400, followed by the $3,300 zone.

Key Resistance$ Levels – $3,550 and $3,650.

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