Ethereum started another rally above the $1,620 resistance against the US Dollar. ETH is rising and could rally if it clears the $1,665 resistance zone.
- Ethereum is slowly moving higher above the $1,600 and $1,620 levels.
- The price is currently trading above $1,620 and the hourly simple moving average is 100.
- There is a break above the main bearish trend line with resistance near $1,615 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could rally if there is a clear move above the $1,665 resistance zone.
The price of Ethereum started to increase
Ethereum price remains well above the $1,550 level. ETH formed a base and started a new rise above the $1,600 resistance zone. There is a clear move above the $1,620 resistance, similar to bitcoin.
There is a break above the main bearish trend line with resistance near $1,615 on the ETH/USD hourly chart. Bulls can pump the price above the $1,640 resistance. A high formed near $1,658 and the price is now consolidating gains.
The ether price is currently trading above $1,620 and the hourly simple moving average is 100. It is trading near the 23.6% Fib retracement level of the upward move from the $1,557 swing low to the $1,658 high.
Source: ETHUSD on TradingView.com
Immediate resistance is near the $1,655 level. The next major resistance is near the $1,665 level. Break up above the $1,665 resistance zone can start a decent increase. In that case, the price may rise towards the $1,720 resistance. Another gain could send ether to the $1,800 level.
Limitd dips in ETH?
If ethereum fails to clear the $1,665 resistance, it could start a downward correction. Initial support on the downside is near the $1,620 level or the broken trend line.
The next major support is near the $1,600 level or the 50% Fib retracement level of the upward move from the $1,557 swing to the $1,658 high. If there is a break below $1,600, the price could drop to the $1,550 support. Further losses may require a retest of the $1,520 zone in the near term.
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 – $1,620
Main Resistance Level – $1,665