Ethereum Price Holds Strong at $1,600: A Strengthening Case for Upside

Aayush Jindal

1 year ago

2 mins read

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Ethereum price is slowly moving higher above the $1,620 resistance zone against the US Dollar. ETH must surpass $1,650 and $1,670 to continue higher in the near term.

Ethereum is recovering higher from the $1,565 support zone.
The price is trading above $1,620 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if it clears $1,650 and $1,670 in the near term.

Ethereum Price Recovers Above $1,600

Ethereum price extended its decline below the $1.600 support zone. ETH tested the key $1,565 support zone, where the bulls emerged. A low was formed near $1,558 and the price is now rising, similar to bitcoin.

There was a clear move above the $1,600 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD. There was a move above the 61.8% Fib retracement level of the downward move from the $1,671 swing high to $1,558 low.

Ether price is now trading above $1,620 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,645 level or the 76.4% Fib retracement level of the downward move from the $1,671 swing high to $1,558 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,670 zone. The next major resistance is near the $1,700 zone. A close above the $1,700 resistance zone might start a steady increase towards the $1,800 level. Any more gains might open the doors for a move towards the $1,880 level.

Fresh Decline in ETH?

If ethereum fails to clear the $1,670 resistance, it could start another downside correction. An initial support on the downside is near the $1,620 level.

The next major support is near the $1,585 zone. If there is a break below $1,585, the price might drop towards the $1,565 support. Any more losses might call for a test of the $1,500 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 above the 50 level.

Major Support Level – $1,600

Major Resistance Level – $1,670

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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