Ethereum saw a new increase in price above $1,600 against the US dollar. ETH may continue to rise and reach the $1650 mark.
- Ethereum supported well above $1,480.
- The current price trades above $1,550 as well as the simple 100-hour moving average.
- The hourly chart for ETH/USD shows a rising channel with support close to $1,510. (Data feed via Kraken).
- More gains are expected above $1620 and $1625 resistance levels.
Ethereum price gains pace
Ethereum tried to break the $1,605 mark, but failed. Below the $1,560 level, there was an immediate bearish reaction.
The Ether price fell below the $1520 level, and the 100-hourly simple moving average. However, bulls were active around the $1.500 and $1.480 levels. An area near $1,473 formed a low and it is currently rising. A clear movement was observed above $1,550 as well as the 100 hourly simple moving median.
Price rallied higher than the 61.8% Fib level of the decline from $1,605 swing highs to $1,473 lows. Now, it is nearing the $1600 zone. On the hourly chart for ETH/USD, there is a rising channel with support at $1,510.
It faces resistance at the $1620 and $1635 levels. It is located near the 1.236 Fib extension of the decline from $1,605 high to $1,473 low. Now, the nearest major resistance level is at $1650.
Source: TradingView.com ETHUSD
If the price moves above $1,650, it could push the price to $1,700 resistance. In the short term, any further gains could open up the possibility of a test at the $1750 resistance.
New Decline in the ETH
It could begin a new decline if ethereum does not rise above $1620. The $1,560 area is the initial support for the downside.
Next is $1,540, the 100-hourly simple moving average. Below which price may gain bearish momentum. If the previous scenario is true, then the price might fall to the $1,520 mark. Price could drop to $1,480 should there be more losses.
Technical indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,540
Major Resistance Level – $1,635
