Ethereum value is slowly shifting increased above $1,600 towards the US Dollar. ETH might acquire bullish momentum until there’s a nasty drop beneath $1,550.
- Ethereum is exhibiting a couple of optimistic indicators for a transfer above the $1,650 resistance.
- The value is buying and selling above $1,600 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish pattern line with resistance close to $1,610 on the hourly chart of ETH/USD (information feed through Kraken).
- The pair might begin a good enhance if there’s a shut above $1,650 and $1,670.
Ethereum Price Shows Bullish Signs
Ethereum’s value remained well-supported above the $1,550 level. ETH climbed increased slowly above the $1,580 and $1,600 resistance ranges, like Bitcoin.
There was a break above a key bearish pattern line with resistance close to $1,610 on the hourly chart of ETH/USD. The pair even broke the $1,620 resistance. However, the bears are nonetheless energetic beneath the $1,650 stage. A excessive is shaped close to $1,638 and the value is now consolidating beneficial properties.
Ether is now buying and selling above $1,600 and the 100-hourly Simple Moving Average. It can be above the 23.6% Fib retracement stage of the current enhance from the $1,530 swing low to the $1,638 excessive.
On the upside, the value may face resistance close to the $1,635 stage. The subsequent resistance is close to the $1,650 stage. An in depth above the $1,650 resistance may ship the value towards the $1,670 resistance. If the value reclaims the $1,670 resistance, there may very well be a gentle enhance.
Source: ETHUSD on TradingView.com
The subsequent main hurdle is close to the $1,750 stage. An in depth above the $1,750 stage may ship Ethereum additional increased towards $1,880.
Another Drop in ETH?
If Ethereum fails to clear the $1,650 resistance, it might begin one other decline. Initial help on the draw back is close to the $1,600 stage and the 100-hourly Simple Moving Average.
The first key help is near $1,585 and the 50% Fib retracement stage of the current enhance from the $1,530 swing low to the $1,638 excessive. The subsequent key help is $1,550. A draw back break beneath $1,550 may spark a recent spherical of promoting. In the said case, the value might even decline towards the $1,500 stage within the close to time period.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 stage.
Major Support Level – $1,600
Major Resistance Level – $1,650
