Ethereum rose above the $1,500 resistance zone against the US Dollar. ETH is consolidating its gains and may be targeting a new rally towards the $1,650 level.
- Ethereum started a reasonable increase above the $1,500 and $1,520 resistance levels.
- The price is currently trading above $1,520 and the hourly simple moving average is 100.
- There is a key bullish trend line forming with support near $1,550 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rise again unless there is a downward correction below the $1,520 support.
Ethereum price remains in Uptrend
The price of Ethereum started to rise strongly above the $1,450 resistance. ETH was able to clear the $1,500 resistance zone to move into the positive zone, similar to bitcoin above $20,500.
The price even surpassed the $1,550 resistance zone and tested $1,600. A high formed near $1,606 and the price is now consolidating gains. There is a small drop below the 50% Fib retracement level of the recent rise from the $1,520 swing to the $1,606 high.
However, bulls are active above the $1,540 support. It even held steady above the 76.4% Fib retracement level of the recent rise from the $1,520 swing to the $1,606 high.
Ether price is currently trading above $1,520 and the hourly simple moving average is 100. There is also a key bullish trend line formed with support near $1,550 on the ETH/USD hourly chart. Immediate resistance is near the $1,590 level. The next major resistance is near the $1,620 level. A break above the $1,620 resistance zone could start a new rally.
Source: ETHUSD on TradingView.com
In that case, the price may rise towards the $1,700 resistance. Another gain could send the price to $1,750 or even $1,800 in the near term.
Dips Supported in ETH?
If ethereum fails to clear the $1,620 resistance, it could start a downward correction. Initial support on the downside is near the $1,555 level and the trend line.
The next major support is near the $1,520 level. If there is a move below $1,520, the price may test the $1,450 support. Any losses may require a $1,350 zone test.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Key Support Level – $1,520
Main Resistance Level – $1,620