Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum climbed further higher above $1,620 against the US Dollar. ETH is consolidating gains and might aim another rally towards the $1,720 level.
- Ethereum is correcting gains from the $1,655 and $1,665 resistance levels.
- The price is now trading above $1,600 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally again if it stays above the $1,600 support zone.
Ethereum Price Eyes Another Increase
Ethereum price started a steady increase above the $1,500 resistance zone. ETH gained pace for a move above the $1,600 resistance zone, similar to bitcoin at $22,000.
The bulls even pushed the price above the $1,650 level and the price settled above the 100 hourly simple moving average. A new yearly high was formed near $1,679 and the price is now correcting gains. There was a minor move below the $1,650 level.
Ether price dipped below the 23.6% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high. Besides, there was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD.
The price is now trading above $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,650 level and the broken trend line.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,680 level. An upside break above the $1,680 resistance zone could start a fresh increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send the price towards $1,788 or even $1,800 in the near term.
Dips Limited in ETH?
If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,600 level.
The next major support is near the $1,580 level or the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high. If there is a move below $1,580, the price might test the $1,520 support. Any more losses might call for a test of the $1,480 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,580
Major Resistance Level – $1,650
