Ethereum gained pace above the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might aim a fresh rally towards the $1,650 level.
- Ethereum started a decent increase above the $1,500 and $1,520 resistance levels.
- The price is now trading above $1,520 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further unless there is a downside correction below the $1,520 support.
Ethereum Price Remains In Uptrend
Ethereum price started a strong increase above the $1,450 resistance. ETH was able to clear the $1,500 resistance zone to move further into a positive zone, similar to bitcoin above $20,500.
The price even surpassed the $1,550 resistance zone and tested $1,600. A high is formed near $1,606 and the price is now consolidating gains. There was a minor decline below the 50% Fib retracement level of the recent increase from the $1,520 swing low to $1,606 high.
However, the bulls were active above the $1,540 support. It even remained stable above the 76.4% Fib retracement level of the recent increase from the $1,520 swing low to $1,606 high.
Ether price is now trading above $1,520 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD. An immediate resistance is near the $1,590 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could start a fresh rally.
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 $1,750 or even $1,800 in the near term.
Dips Supported in ETH?
If ethereum fails to clear the $1,620 resistance, it could start a downside correction. An initial support on the downside is near the $1,555 level and the trend line.
The next major support is near the $1,520 level. If there is a move below $1,520, the price might test the $1,450 support. Any more losses might call for a test of the $1,350 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 – $1,520
Major Resistance Level – $1,620
Aayush Jindal
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