Ethereum is consolidating good points above $1,600 towards the US Dollar. ETH is exhibiting constructive indicators and may begin one other improve above $1,650.
- Ethereum is exhibiting constructive indicators above the $1,620 and $1,600 ranges.
- The worth is now buying and selling above $1,600 and the 100 hourly easy transferring common.
- There is a key bullish flag forming with resistance close to $1,640 on the hourly chart of ETH/USD (knowledge feed through Kraken).
- The pair may rally once more if it clears the $1,640 and $1,650 resistance ranges.
Ethereum Price Could Pop Higher
Ethereum worth began a draw back correction from the $1,680 resistance zone. ETH corrected decrease under the $1,650 and $1,620 degree, just like bitcoin.
The worth declined under the 23.6% Fib retracement degree of the upward wave from the $1,481 swing low to $1,680 excessive. There was a pointy decline under the $1,620 degree and the 100 hourly easy transferring common. However, the price remained stable near the $1,600 level.
Ether worth is now buying and selling above $1,600 and the 100 hourly easy transferring common. There can also be a key bullish flag forming with resistance close to $1,640 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An quick resistance is close to the $1,640 degree and the channel resistance. The subsequent main resistance is close to the $1,665 degree. An upside break above the $1,665 resistance zone may begin a contemporary rally. In the said case, the worth might maybe rise in the direction of the $1,720 resistance. Any extra good points may ship the worth in the direction of $1,800 and even $1,850 within the close to time period.
Dips Supported in ETH?
If ethereum fails to clear the $1,640 resistance, it may begin one other draw back correction. An preliminary assist on the draw back is close to the $1,620 degree and the 100 hourly SMA.
The subsequent main assist is close to the $1,580 degree or the 50% Fib retracement degree of the upward wave from the $1,481 swing low to $1,680 excessive. If there’s a break under $1,580, the worth may drop in the direction of the $1,520 assist. Any extra losses may name for a check of the $1,500 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 – $1,580
Major Resistance Level – $1,640
