Ethereum Price Holds Strong at $1,500: A Strengthening Case for Upside

Aayush Jindal

1 year ago

2 mins read

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Ethereum gained pace and broke the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might eye more upsides above $1,600.

Ethereum is showing positive signs above the $1,500 and $1,520 levels.
The price is now trading above $1,520 and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $1,560 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rally again if there is a clear move above $1,560 and $1,580.

Ethereum Price Eyes Fresh Increase

Ethereum gained pace after it broke the $1,400 and $1,420 resistance levels. ETH even cleared the $1,500 level and settled above the 100 hourly simple moving average.

The price surged towards the $1,600 level and remained well bid. A high was formed near $1,593 before there was a downside correction. There was a move below the $1,580 level. Ether price even tested the 23.6% Fib retracement level of the upward move from the $1,339 swing low to $1,593 high.

It is now trading above $1,520 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $1,560 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,560 level and the triangle trend line. The first major resistance is near the $1,580 and $1,585 levels. The main barrier is now near the $1,600 zone. A clear upside break above the $1,600 resistance zone could open the doors for a strong increase. In the stated case, the price might climb towards the $1,750 level.

Dips Limited in ETH?

If ethereum fails to climb above the $1,580 resistance, it could start a downside correction. An initial support on the downside is near the $1,525 level and the triangle zone.

The next major support is near the $1,460 and $1,450 levels. It is near the 50% Fib retracement level of the upward move from the $1,339 swing low to $1,593 high. A downside break below the $1,450 zone might start a fresh decline to $1,400 in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,450

Major Resistance Level – $1,580

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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