Ethereum is consolidating beneficial properties above $1,500 in opposition to the US Dollar. ETH may begin one other enhance and clear the $1,600 resistance zone within the close to time period.
- Ethereum is displaying constructive indicators above the $1,500 and $1,520 resistance ranges.
- The worth is now buying and selling above $1,550 and the 100 hourly easy shifting common.
- There is a connecting bullish development line forming with help close to $1,570 on the hourly chart of ETH/USD (knowledge feed through Kraken).
- The pair may rise additional until there’s a draw back break under the $1,515 help.
Ethereum Price Eyes Another Increase
Ethereum worth remained steady above the $1,500 resistance. ETH made one other try to clear the $1,600 resistance zone, just like bitcoin at $21,500.
However, the bears have been energetic close to the $1,600 resistance zone. A excessive is shaped close to $1,607 and the worth is now consolidating beneficial properties. There was a minor decline under the 50% Fib retracement degree of the upward transfer from the $1,541 swing low to $1,607 excessive.
The worth is now displaying positive signs above the $1,540 support. It even remained steady above the 61.8% Fib retracement degree of the upward transfer from the $1,541 swing low to $1,607 excessive.
Ether worth is now buying and selling above $1,550 and the 100 hourly easy shifting common. There can also be a connecting bullish development line forming with help close to $1,570 on the hourly chart of ETH/USD. An speedy resistance is close to the $1,600 degree. The subsequent main resistance is close to the $1,620 degree. An upside break above the $1,620 resistance zone may begin a contemporary enhance.
Source: ETHUSD on TradingView.com
In the said case, the worth could maybe rise in direction of the $1,700 resistance. Any extra beneficial properties may ship the worth in direction of $1,720 and even $1,750 within the close to time period.
Dips Limited in ETH?
If ethereum fails to clear the $1,600 resistance, it may begin a draw back correction. An preliminary help on the draw back is close to the $1,575 degree and the development line.
The subsequent main help is close to the $1,550 degree. If there’s a transfer under $1,550, the worth may check the $1,515 help. Any extra losses may name for a check of the $1,450 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 degree.
Major Support Level – $1,540
Major Resistance Level – $1,600
