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Ethereum Price Analysis: ETH Surges To New ATH Above $3,400

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Ethereum price is gaining pace above the $3,000 level against the US Dollar. ETH/USD rallied to $3,450 and it is now showing signs of a downside correction.

Ethereum Price Analysis

After forming a base above the $2,200 level, ethereum found started a strong increase against the US Dollar. ETH broke many hurdles near $2,400 and $2,500 to move into further into a bullish zone.

The price broke the $3,000 barrier and settled well above the 55 simple moving average (4-hours).Near $3,458, we have formed a new all-time high and the price is beginning to correct gains.It spiked below the $3,350 and $3,300 support levels.

There was a break below the 23.6% Fib retracement level of the upward move from the $2,864 swing low to $3,458 high. An initial support on the downside is near the $3,180 and $3,160 levels.

Moreover, there is a crucial bullish trend line forming with support near $3,140 on the 4-hours chart.A trend line extends up to the 50% Fib breakpoint of the rise from the $2,864 swing low to $3,458 high.A downside break below the trend line might call for a test of the $3,000 support zone.

On the upside, an initial resistance on the upside is near the $3,350 level.The first serious resistance is near the $3,450 level.The main hurdle is at $3,500, above which the price could start a wave towards the $3,800 and $4,000 levels in the near term.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading well above the $3,000 level and the 55 simple moving average (4-hours). Overall, ether price is correcting gains, but it is likely to find bids near the $3,150 and $3,000 levels.

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 – $3,160, followed by the $3,000 zone.

Key Resistance Levels – $3,400 and $3,500.

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 5/4/2021

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