Ethereum saw bullish momentum as it moved above $1,625 against USD. ETH has been showing signs of improvement and could soon surpass the $1,700 mark.
- Ethereum has risen by close to 5%. There was also a strong move over the $1,625 resistance.
- The current price trades above $1,600.
- On the hourly chart for ETH/USD, there is an important bullish trend line with support close to $1,580. (Data feed via Kraken).
- It could rise further if the price of $1,600 is not reached or $1.580.
Bitcoin price beats Ethereum
Ethereum saw a gradual increase in value from the $1.535 support level. ETH cleared the $1,600 resistance. It also passed the 100 hourly moving average.
Bulls managed to lift the price over the $1,625 resistance. The market gained close to 5%. It also tested the $1,675 area. The high reached $1,675 with a slight correction. The price fell below $1,650.
The 23.6% Fib Retracement level for the recent rise from $1,535 swing high to $1,675 low was below Ether’s price. The 100-hourly simple moving average and $1,600 are now the highest levels of trading.
On the hourly chart for ETH/USD, there is a bullish trendline that forms with support at $1,580. Near the $1,650 mark is an immediate resistance. Near the $1,675 mark is the next significant resistance.
Source: TradingView.com, ETHUSD
The price could even rise above $1,700 resistance if it moves above $1,675 clearly. Next is $1,750. In the short term, any gains could open up the possibility of a push towards $1,800.
Dips Limited to ETH
It could begin a downtrend correction if ethereum does not rise above $1,650. The $1,620 area is the initial support for the downside.
It is close to $1,600. The Fib level at which the price is close to the 50% Fib Retracement of the recent rise from $1,535 swing high to $1,675 low, where it might be tested, could indicate that the trend line may not hold. A further loss could push the price toward the $1,535 area.
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 – $1,675
