The Ethereum price remained above $1,465 against the US Dollar. If the price closes above the $1600 resistance, ETH might see a renewed surge.
- Ethereum declined, although the bulls were very active around the $1.465 mark.
- Today, the price traded above $1500. The 100-hourly simple moving average is also up.
- The hourly chart for ETH/USD shows a bullish trend line with support close to $1,520. (Data feed via Kraken).
- If the pair moves above $1,600, it could spark a new surge.
Ethereum’s Price Supported
Ethereum began a downtrend below $1,550. ETH was trading below the $1500 support level, but the bulls were very active close to a major support.
It crossed the $1,465 and 100 hourly simple moving medians. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $1,520. The price of the pair was above $1,465 and then started an increase.
The resistance level of $1,550 was breached by Ether. A move was seen above the 50% Fib Retracement level for the downside correction, from $1,622 swing high, to $1,464 lowest.
The price currently trades above $1,500 as well as the 100 hourly simple moving mean. The $1,585 mark is the immediate support for the upside. It’s near the 76.4% Fib level of the downside correction that began at the $1.622 swing high, and ended at the $1.464 low.
Source: TradingView.com, ETHUSD
Near the $1,600 area is the first significant resistance. Near the $1,620 level is where you will find the main breakout zone. An increase of more than $1,620 could trigger another significant move. Next is near $1,700, where the price could rise to the $1.800 resistance level.
Are There More Losses in Ethereum?
The $1,585 resistance could be broken and ethereum may continue its downward slide. The trend line and $1,520 are the initial supports for the downside.
If the trendline support is breached, a clear movement could push the price to the $1.465 support area. Losses of any kind could even cause the price to drop below $1,465 support.
Technical Indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,465
Major Resistance Level – $1,585
