Ethereum was well-bought above $1,500 against the US Dollar. ETH’s price is on the rise, and it could soon break through $1,600.
- Ethereum has tested $1,500 as a support zone. This led to a gradual increase.
- The current price trades above $1,560.
- The hourly chart for ETH/USD showed a break above the crucial bearish trendline with resistance at $1,560 (data feed via Kraken).
- It is possible for the pair to rise steadily once it clears $1,600 resistance and $1,620 support levels.
Ethereum price gains pace
Ethereum traded at an attractive level after testing the $1500 support zone. ETH trading at $1,501 was the lowest it had traded before it became a foundation for a fresh rise.
Bulls succeeded in pushing the price higher than the $1.540 and $1.550 resistance levels. The price moved clear above the 50% Fib level of the decline from the $1620 swing high to the $1501 low. The hourly chart for ETH/USD showed a breakout above the crucial bearish trendline with resistance at $1,560.
Ether is trading at $1,560 above the 100 hourly simple moving mean. Near the $1,590 area is immediate resistance. The 76.4% Fib level is very close. This is the lowest point of the downward movement from the $1620 swing high to the $1501 low.
Source: TradingView.com, ETHUSD
Next is $1,600. If the price breaks above the $1600 resistance, it could signal a significant increase. The price may rise as high as $1,650 in the above scenario. The price could reach the $1,700 resistance level with any additional gains.
New Decline in the ETH
Ethereum could fall further if it does not climb over the $1,600 resistance. The $1,560 and 100 hourly simple moving mean levels provide initial support.
Near the $1,540 support level is the first significant support. Below which the price could decline to the critical $1,500 support area. An increase in the price could occur if there is a downside breakout below the $1500 level. According to the scenario above, the price might fall below the $1,400 support area in the immediate term.
Minutely MACD – In the bearish 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 – $1,560
Major Resistance Level – $1,600