Ethereum managed to overcome the $1650 resistance in relation to the US Dollar. If the support level of $1,625 is maintained, ETH may rise towards $1800.
- Ethereum moved slowly higher than $1,640, $1,650.
- Today, the price traded above $1650. The 100-hourly simple moving average is also up.
- The hourly chart for ETH/USD shows a rising channel with support close to $1,645 (datafeed via Kraken).
- If the pair remains above $1,625 it can continue its upward movement.
Ethereum Prices Start to Recover
Ethereum could start an upside correction over the $1600 resistance zone. ETH climbed to $1,620 and $1.625, opening doors for further gains.
This price breached the 23.6% Fib level of the major drop from $1.880 swing highs to $1.524 lows. Even more, Ether prices cleared $1650 resistance. They also settled well above the 100 hourly simple movement average. It traded at the $1,700 resistance where bears appeared.
Today’s price trades above $1650, the 100-hourly simple moving average. A major channel of rising is also visible with support at $1,645 in the hourly chart for ETH/USD.
The $1,680 level is the immediate resistance. It is currently nearing the $1700 level. The Fib level is at 50% of the main fall from the $1.880 swing high and $1.524 low. It could begin a steady rise if it moves above $1,700.
Source: TradingView.com ETHUSD
Next is $1,745 as the major resistance. If the price rises above that, it could generate bullish momentum.
A Fresh Drop in ETH
It could begin a new decline if ethereum does not rise above $1,700 resistance. Initial support for the downside lies near the $1650 zone. This is also the 100 hourly simple moving mean and channel trend line.
Below that, the next support level is close to $1,625, which could cause the price to accelerate downwards. If the previous scenario is true, then the price might fall to the $1,550 mark. The possibility of further losses opening the door to a possible move toward the $1520 level is likely.
Technical indicators
MACD Hourly – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,625
Major Resistance Level – $1,700
