Ethereum continues to gain and rise towards $1600 against the US dollar. If the price moves above $1620, ETH will likely rally.
- Ethereum held steady above the $1.520 and $1.500 support levels.
- Today, the price traded above $1550. The 100-hourly simple moving average is also up.
- A crucial channel of rising support is emerging with support at $1,535 in the hourly chart for ETH/USD (datafeed via Kraken).
- If the pair remains above $1,520 or $1,500, it could see another rise.
Ethereum Price Takes a Break
Ethereum fell below the $1550 support level. The bears managed to lower the price below $1,540 as well as the 100 hourly simple moving mean.
The $1,500 support was a solid barrier. The Ether price fell to $1,513 before a recent upside correction. A move was seen above $1,550 resistance and $1,560 support levels. Price climbed to the 50 percent Fib Retracement level for the decline in price from $1,620 swing high, $1,560 low.
Today’s price trades above $1,550. This is also higher than the 100-hourly simple moving average. On the hourly chart of Ethereum/USD, there is a critical rising channel with support close to $1,535
Now, the pair consolidates near the 76.4% Fib level. This is the level that reflects the decline from $1,620 swing high, to $1,513 bottom. The $1,610 level is the immediate resistance. Now, the nearest major resistance to the upside is at or near $1620.
Source: TradingView.com ETHUSD
If the price moves above $1620, it could signal a gradual rise towards the $1650 resistance. If there are more gains, it could be possible to move toward the $1,700 resistance.
New Decline in the ETH
Ethereum could fall further if it fails to surpass the $1,620 resistance. The $1,560 area and the 100 hourly SMA provide initial support.
Next major support will be near $1.535 and channel trendline, below which the price could revisit $1.500. Price could drop to $1,420 if it suffers more losses.
Technical indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,535
Major Resistance Level – $1,620
