Ethereum has surpassed the $1,600 resistance level against the US Dollar. Positive signals are evident in Ethereum, and it may surpass the $1600 resistance against USD.
- Ethereum saw a dramatic increase, and it settled over $1,600.
- The current price trades above $1,650 as well as the simple 100 hour moving average.
- The hourly chart for ETH/USD showed a breakout above the key bearish trendline with resistance at $1,655 (data feed via Kraken).
- For the next term to move higher to $1,735, the pair will need $1,700.
Ethereum price gains momentum
Ethereum created a foundation and began a massive increase of $1,600. ETH managed to surpass the $1620 threshold and break the simple moving average of 100 hours.
Clear movement was seen above the 76.4% Fib Retracement level for the main fall from $1,685 swing high, to $1,490 lowest. On the hourly chart of Ethereum/USD, there was an outward move above a crucial bearish trend line that provided resistance close to $1,655
Ether is trading at $1,650. This price also exceeds the 100-hourly simple movement average. The $1,700 resistance area is being tested by Ether.
There could be further upsides to $1,700 if the bulls are still active. The $1,735 level is the immediate resistance. This is just below the 1.236 Fib extension of the main drop from the $1.685 swing high and low to $1.490 low.
Source: TradingView.com, ETHUSD
Next is $1,775 as the major resistance. If there are more gains, it could be possible for the price to move toward the $1800 level in the immediate future. If bulls continue to be active, prices could rise towards $1,880.
What are the Dips Available in ETH
The downside correction could be initiated if the resistance of $1,735 is not broken. The $1,660 area is the initial support for the downside.
Close to $1,640 will be the next support. Support is currently forming at the $1,600 and 100 hourly simple moving levels. The downside breakout below $1,600 could trigger a new decline. The ether price could drop to the $1,550 mark in the above scenario.
Technical Indicators
Hourly MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,600
Major Resistance Level – $1,735