Ethereum Price Analysis: ETH Surges As Bulls Aim For $2,500

• Ethereum price is moving higher above the $2,200 resistance against the US Dollar.
• ETH price is now trading above $2,150 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $2,130 on the 4-hour chart (data feed from Coinbase).
• The pair could climb further if it stays above the $2,130 support zone.

Ethereum price is rising above the $2,200 level against the US Dollar. ETH/USD could rise further if it clears the $2,275 resistance zone.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a decent increase above the $2,000 level against the US Dollar. ETH price was able to gain pace for a move above the $2,050 level and the 55 simple moving average (4 hours).

The bulls even pushed the price above the $2,10 resistance zone. A high is formed near $2,274 and the price is now consolidating gains. It is trading above the $2,150 level. It is testing the 23.6% Fib retracement level of the upward wave from the $1,986 swing low to the $2,274 high.

Ether’s price is showing positive signs above $2,150 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $2,130 on the 4-hour chart.

Immediate resistance on the upside is near the $2,275 level. The next major resistance is near the $2,350 zone. A clear move above the $2,350 level could send the price toward $2,450. Any more gains could even send the price toward the $2,500 resistance zone or $2,550 in the near term.

On the downside, initial support is near the $2,200 level. The next major support is now near the $2,150 level or the trend line. It is close to the 50% Fib retracement level of the upward wave from the $1,986 swing low to the $2,274 high, below which the price might test $2,050.

A break below the $2,050 support could push the price to $2,000. Any more losses could lead the price towards $1,920.

Looking at the chart, Ethereum’s price is trading above the $2,150 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $2,130 support zone.

Technical indicators

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

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

Key Support Levels – $2,150, followed by the $2,130 zone.

Key Resistance$ Levels – $2,275 and $2,350.