Ethereum rose above the $1,500 resistance zone against the US Dollar. ETH is consolidating its gains and may rise to the $1,650 level.
- Ethereum started a new rise above the $1,450 and $1,500 resistance levels.
- The price is currently trading above $1,500 and the hourly simple moving average is 100.
- There is a major bullish trend line forming with support near $1,540 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rise again unless there is a downward correction below the $1,540 support.
Bullish Ethereum price signal
The price of Ethereum started to rise strongly above the $1,400 resistance. ETH was able to clear the $1,450 resistance zone to move into the positive zone, similar to bitcoin above $20,000.
The price even rose above the $1,500 resistance zone. A high formed near $1,584 and the price is now consolidating gains. Ether price is currently trading above $1,500 and the hourly simple moving average is 100. There is also a major bullish trend line forming with support near $1,540 on the ETH/USD hourly chart.
The current price action is positive, and the price is trading above the 23.6% Fib retracement level of the upward move from the $1,505 swing to the $1,584 high.
Immediate resistance is near the $1,585 level. The next major resistance is near the $1,620 level. A break above the $1,620 resistance zone could set the pace for another gain.
Source: ETHUSD on TradingView.com
In that case, the price may rise towards the $1,700 resistance. Another gain could send the price to $1,720 or even $1,800 in the near term.
Limited Dips in ETH?
If ethereum fails to clear the $1,585 resistance, it could start a downward correction. Initial support on the downside is near the $1,550 level.
The next major support is near the $1,540 level and the trend line. It is near the 50% Fib retracement level of the move up from the $1,505 swing low to the $1,584 high. If there is a move below $1,540, the price may test the $1,500 support. Any losses may require a test of the $1,420 zone.
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 – $1,540
Main Resistance Level – $1,585