Ethereum consolidating at $1,550 above the US Dollar. If there’s a clear move beyond the $1620 resistance zone, ETH might rally.
- Ethereum trades in a positive zone higher than the $1,520 or $1,500 support levels.
- Today, the price traded above $1550. The 100-hourly simple moving average is also up.
- A key bullish trendline is emerging with support at $1,560 (data feed via Kraken).
- A pair that remains at the $1,550- and $1,530 levels of support could experience a further increase.
Ethereum price sees a fresh increase
Ethereum tried to rise above $1,620 and the 100 hourly simple movement average. ETH’s stability was not maintained above $1620.
The price saw gains cut after a high of $1,648. The price fell below $1,580 and $1,550. The price has been rising since the low was near $1,535 The price moved above $1,550 resistance. The Ether price crossed the 23.6% Fib resistance level, which was the lowest point of the recent fall from the $1.648 swing high and the $1.535 low.
The 100-hourly simple moving average and $1,550 are now the tops of its trading. The hourly chart shows a strong bullish trendline with support close to $1,560.
Near the $1,600 mark is immediate resistance. This is close to the 50% Fib level of the decline from $1,648 swing high, $1,535 low. It is currently near $1,620 where the next significant resistance will be found.
Source: TradingView.com ETHUSD
Clear moves above the $1650 level could lead to a move towards the $1650 resistance. In the short term, any further gains could open up the possibility of a movement towards $1700 resistance.
New Decline in the ETH
Ethereum could fall further if it fails to surpass the $1,600 resistance. The $1,560 area and the 100-hourly SMA provide initial support.
Below that, the next support level is close to $1,535, at which point, price could revisit $1,500. A further loss could push the price to the $1,420 area.
Technical Indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,535
Major Resistance Level – $1,600
