Ethereum is About to See “Liftoff” if It’s Able to Hold One Crucial Level

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.

Ethereum Price

Source: 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 MACDIn the bullish zone, momentum is being gained by MACD for USD/ETH.

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

Major Support Level – $1,535

Major Resistance Level – $1,620

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