Ethereum is consolidating above $1,550 towards the US Dollar. ETH might rally if there’s a clear transfer above the $1,620 resistance zone.
- Ethereum is buying and selling in a optimistic zone above the $1,520 and $1,500 assist ranges.
- The value is now buying and selling above $1,550 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with assist close to $1,560 on the hourly chart of ETH/USD (information feed by way of Kraken).
- The pair might begin one other improve if it stays above the $1,550 and $1,530 assist ranges.
Ethereum Price Eyes Fresh Increase
Ethereum made an try to achieve energy above the $1,620 resistance and the 100 hourly easy shifting common. However, ETH failed to stay secure above $1,620.
A excessive was shaped close to $1,648 and the worth trimmed good points. There was a drop beneath the $1,580 degree and $1,550. A low is shaped close to $1,535 and the worth is now rising. There was a transfer above the $1,550 resistance. Ether value cleared the 23.6% Fib retracement degree of the latest decline from the $1,648 swing excessive to $1,535 low.
It is now buying and selling above $1,550 and the 100 hourly simple moving average. There can also be a key bullish development line forming with assist close to $1,560 on the hourly chart of ETH/USD.
An speedy resistance on the upside is close to the $1,600 degree. It is close to the 50% Fib retracement degree of the latest decline from the $1,648 swing excessive to $1,535 low. The subsequent main resistance is now forming close to the $1,620 degree.
Source: ETHUSD on TradingView.com
A transparent transfer above the $1,650 degree may ship the worth in direction of $1,650 resistance. Any extra good points could maybe open the doorways for a transfer in direction of the $1,700 resistance within the close to time period.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,600 resistance, it might begin one other decline. An preliminary assist on the draw back is close to the $1,560 zone and the 100 hourly SMA.
The subsequent main assist is close to $1,535, beneath which ether value may revisit $1,500. Any extra losses could maybe ship the worth in direction of the $1,420 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 – $1,535
Major Resistance Level – $1,600
