The Ethereum fell to $1,600 from the US Dollar. If it remains above $1,450, ETH may see a new increase.
- Ethereum has corrected gains made from $1,580- and $1,600-resistance levels.
- Today, the price traded above $1.450. The 100-hourly simple moving average is also up.
- On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $1,540 (data feed via Kraken).
- If the pair remains above $1,450 it could begin a new increase.
Ethereum’s Price Supported
Ethereum experienced a significant increase in price above the $1.450 and $1.500 resistance levels. ETH also cleared $1,550 and settled higher than the 100-hourly simple moving mean.
It traded near the $1,600 resistance area. The high reached $1,593 and was broken by a downward correction. Below the $1,550 mark there was a decline. Even the 23.6% Fib Retracement Level of the Upward Wave from $1,340 low to $1,593 high was below Ether’s price.
The 100-hourly simple moving average and $1,450 are now the highest levels of trading. A major bearish trendline is also visible on the hourly chart. It shows resistance of $1,540.
The trend line zone and $1,540 are the immediate support for the upside. There is a major resistance at the $1550 and $1560 levels. If the prices rise above these levels, bullish momentum could be achieved. The major barrier lies now in the $1,600 area.
Source: TradingView.com, ETHUSD
An upside breakout above the $1600 resistance zone might set the stage for a new rally. If this is the case, then the price may rise towards $1,720.
What are the Dips in ETH Supported?
If the resistance of $1,550 is not broken, ethereum could move further down. The $1,465 and 100 hourly simple moving indices provide initial support.
A 50% Fib level is near $1450. This level represents the bottom of the upward cycle from the $1340 swing low to the $1593 high. If the downside breaks below the $1450 area, selling pressure could increase and the price may drop to $1400 within the next few months.
Technical Indicators
MACD Hourly – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,450
Major Resistance Level – $1,550
