The Ethereum price was well above $1,550 against the US Dollar. ETH’s price is on the rise, and it could gain momentum if there’s a clear move higher than $1670.
- Ethereum gained support at $1,580. This prompted a new increase.
- The current price trades above $1,630.
- The hourly chart for ETH/USD showed a break above the major bearish trendline with resistance at $1,640 (data feed via Kraken).
- If the pair moves above $1,670 or $1,680, it could begin a new rally.
Ethereum Price Looks Upside Down
Ethereum began a new decline below the $1650 level. ETH was trading below $1,600 but the downsides were minimal. The price range remained stable and supported by the $1,550 support level.
The price has been rising since a low of $1,580 was reached. The price moved above $1,600, $1,620 and the Fib retracement levels. Price of Ether cleared 50% Fib Retracement Level for recent fall from $1.672 swing high, to $1.580 low.
A break was also seen above the major bearish trendline with resistance at $1,640, on an hourly chart for ETH/USD. Now, the pair trades above $1630 and the 100-hourly simple moving average.
Also, it is trading higher than the 76.4% Fib level of the decline from the $1.672 swing high and low to $1.580 low. The $1,670 mark is the immediate resistance. It is located near $1,680 as the initial major resistance.
Source: TradingView.com ETHUSD
An obvious move above the $1680 mark could lead to a steady rise towards $1,750. If bulls continue to be active, prices could climb towards the $1800 resistance zone.
New Decline in the ETH
It could begin a bearish trend if ethereum does not rise above $1,670. Initial support for the downside lies near the $1620 zone and 100-hourly simple moving average.
Below $1,580 there is risk of sharp falls. The nearest major support is at or near $1,580. The above scenario could lead to a decline in ether prices towards $1,550. A test at the $1,500 level might be necessary for any further losses.
Technical indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,580
Major Resistance Level – $1,670