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Ethereum Price Eyes More Gains

Ethereum Price Signals Bullish Breakout, Why Dips Turned Attractive

Aayush Jindal by Aayush Jindal
3 months ago
in ETH
Reading Time: 2 mins read

Ethereum price rallied over 10% and broke the $1,600 resistance against the US Dollar. ETH could continue to rise if it stays above the $1,580 support zone.

  • Ethereum started a major increase above the $1,565 resistance zone.
  • The price is trading above $1,580 and the 100 hourly simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but dips might be limited below the $1,580 support.

Ethereum Price Surges Over 10%

Ethereum price spiked towards the $1,370, where the bulls took a stand. ETH formed a base and started a strong increase above the $1,450 resistance, similar to bitcoin.

There was a clear move above the $1,500 and $1,565 resistance levels. Besides, there was a break above a crucial bearish trend line with resistance near $1,480 on the hourly chart of ETH/USD. Finally, the pair surpassed the $1,600 resistance and traded as high as $1,636.

Ether price is now trading above $1,580 and the 100 hourly simple moving average. It is consolidating gains and trading above the 23.6% Fib retracement level of the upward move from the $1,370 swing low to $1,636 high.

On the upside, the price is facing resistance near the $1,630 zone. The first major resistance is near the $1,680 zone. The next major resistance is near the $1,700 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance is still near the $1,740 zone. A close above the $1,740 resistance zone might start a major uptrend. In this case, the price may perhaps rise towards the $1,850 resistance level.

Dips Limited in ETH?

If ethereum fails to clear the $1,630 resistance, it could start a downside correction. An initial support on the downside is near the $1,580 level.

The next major support is near the $1,560 zone. If there is a break below $1,560, the price might drop towards $1,500. It is near the 50% Fib retracement level of the upward move from the $1,370 swing low to $1,636 high. Any more losses might call for a test of the $1,430 level.

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 in the overbought zone.

Major Support Level – $1,580

Major Resistance Level – $1,630

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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