Ethereum has seen a significant increase in value against the US dollar, surpassing the $1600 mark. ETH has risen over 15%, and may even surpass the $1700 resistance zone.
- Ethereum experienced a dramatic increase over the $1,550-$1,600 levels.
- Today, the price traded above $1600. The 100-hourly simple moving average is also up.
- The hourly chart for ETH/USD showed a breakout above the key bearish trendline with resistance at $1,450 (data feed via Kraken).
- This pair may continue growing if the price moves above $1,675
Ethereum price jumps above $1,600
Ethereum established a strong base at the $1,400 mark and began a significant increase. ETH managed to overcome a number of key obstacles near the $1.500 and $1.550 levels.
Over 15% of the price rose and it even crossed $1,600. The hourly chart for ETH/USD showed a breakout above the key bearish trendline with resistance at $1,450. It rose quickly and exceeded the 76.4% Fib level of the decline from the $1.663 swing high at the $1.357 low.
Even breaking the $1650 threshold, Ether is trading in the $1660 area. Ether is trading at $1,600. This price also includes the 100-hourly simple moving mean. Near the $1,675 area is an immediate resistance to the upside. It is located near the $1700 mark.
Source: TradingView.com, ETHUSD
Now, the main resistance lies near $1,735. It’s near the 1.236 Fib extension of the downward movement from the $1.663 swing high or low to $1.357 low. Price could move higher if the level is clear above $1,735. If the previous scenario is true, then the price might rise towards $1,800.
Supported Dips in the ETH
It could begin a downtrend correction if ethereum does not rise above $1,675 resistance. Initial support is located near $1,620.
If the price moves lower than the $1620 support, it could lead to a push towards the $1580 level. In the short term, any further losses could push the price towards the $1510 support and the 100-hourly simple moving average.
Technical Indicators
Minutely MACD – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The RSI is currently in the Overbought Zone for ETH/USD.
Major Support Level – $1,620
Major Resistance Level – $1,675
