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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price
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Ethereum Price Remains Supported For A Fresh Increase Above $1,600

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

Ethereum is consolidating gains above $1,500 against the US Dollar. ETH could start another increase and clear the $1,600 resistance zone in the near term.

  • Ethereum is showing positive signs above the $1,500 and $1,520 resistance levels.
  • The price is now trading above $1,550 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further unless there is a downside break below the $1,515 support.

Ethereum Price Eyes Another Increase

Ethereum price remained stable above the $1,500 resistance. ETH made another attempt to clear the $1,600 resistance zone, similar to bitcoin at $21,500.

However, the bears were active near the $1,600 resistance zone. A high is formed near $1,607 and the price is now consolidating gains. There was a minor decline below the 50% Fib retracement level of the upward move from the $1,541 swing low to $1,607 high.

The price is now showing positive signs above the $1,540 support. It even remained stable above the 61.8% Fib retracement level of the upward move from the $1,541 swing low to $1,607 high.

Ether price is now trading above $1,550 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $1,570 on the hourly chart of ETH/USD. An immediate resistance is near the $1,600 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could start a fresh increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send the price towards $1,720 or even $1,750 in the near term.

Dips Limited in ETH?

If ethereum fails to clear the $1,600 resistance, it could start a downside correction. An initial support on the downside is near the $1,575 level and the trend line.

The next major support is near the $1,550 level. If there is a move below $1,550, the price might test the $1,515 support. Any more losses might call for a test of the $1,450 zone.

Technical Indicators

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

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

Major Support Level – $1,540

Major Resistance Level – $1,600

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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