Ethereum was still supported against the US Dollar at above $1,550. ETH is on the rise, and may accelerate if it moves higher than $1,670.
- Ethereum reached support close to $1,560. A new rise was initiated.
- The current price trades above $1,620 as well as the simple 100-hour moving average.
- A major bearish trendline is emerging with resistance close to $1,660 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- If the pair moves above $1,660 or $1,670, it could begin a new rally.
Ethereum’s Price Supported
Ethereum fell below $1650. ETH traded even below the $1600 support zone in order to enter a bearish short-term zone.
The bulls were still active at the $1,550-$1,560 levels. Price remained steady above 50% Fib Retracement of the upward movement from $1,354 swing high to $1,785 low. Ether is currently trading higher than the $1,600 mark and rising.
It broke above the 23.6% Fib Retracement Level of the downward movement from $1.785 high and $1.559 low. The 100-hourly simple moving average and $1620 are now the key levels of its trading. The $1,650 level is the immediate resistance.
Source: TradingView.com, ETHUSD
A major bearish trend line is also emerging with resistance close to $1,660 in the hourly chart. It is located near $1,670 as the initial major resistance. This is close to the 50 percent Fib Retracement level for the downmove from $1,785 low to $1,559 high. The price could rise steadily to $1700 if it moves clear above the $1670 mark. If bulls continue to be active, prices could climb towards the $1750 resistance zone.
New Decline in the ETH
Ethereum could fall further if it fails to surpass the $1,670 resistance. Initial support is located near $1,620.
Below $1,560 there is risk of sharp falls. The nearest major support is at the near-$1,560. The above scenario could lead to a decline in ether prices towards $1,505 near the end of the year. A test at the $1,450 level might be necessary for any further losses.
Technical Indicators
Minutely MACD – 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 – $1,570
Major Resistance Level – $1,670
