Ethereum Gains Momentum, A Strengthening Case For More Upsides

Ethereum saw a new increase in price above $1,600 against the US dollar. ETH may continue to rise and reach the $1650 mark.

  • Ethereum supported well above $1,480.
  • The current price trades above $1,550 as well as the simple 100-hour moving average.
  • The hourly chart for ETH/USD shows a rising channel with support close to $1,510. (Data feed via Kraken).
  • More gains are expected above $1620 and $1625 resistance levels.

Ethereum price gains pace

Ethereum tried to break the $1,605 mark, but failed. Below the $1,560 level, there was an immediate bearish reaction.

The Ether price fell below the $1520 level, and the 100-hourly simple moving average. However, bulls were active around the $1.500 and $1.480 levels. An area near $1,473 formed a low and it is currently rising. A clear movement was observed above $1,550 as well as the 100 hourly simple moving median.

Price rallied higher than the 61.8% Fib level of the decline from $1,605 swing highs to $1,473 lows. Now, it is nearing the $1600 zone. On the hourly chart for ETH/USD, there is a rising channel with support at $1,510.

It faces resistance at the $1620 and $1635 levels.  It is located near the 1.236 Fib extension of the decline from $1,605 high to $1,473 low. Now, the nearest major resistance level is at $1650.

Ethereum Price

Source: ETHUSD

If the price moves above $1,650, it could push the price to $1,700 resistance. In the short term, any further gains could open up the possibility of a test at the $1750 resistance.

New Decline in the ETH

It could begin a new decline if ethereum does not rise above $1620. The $1,560 area is the initial support for the downside.

Next is $1,540, the 100-hourly simple moving average. Below which price may gain bearish momentum. If the previous scenario is true, then the price might fall to the $1,520 mark. Price could drop to $1,480 should there be more losses.

Technical indicators

Minutely MACDNow, the MACD of ETH/USD has gained momentum in bullish territory.

Hourly RSIThe RSI of ETH/USD has risen to above 50.

Major Support Level – $1,540

Major Resistance Level – $1,635

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