Ethereum climbed above $1,620 against the US dollar. ETH is consolidating gains and could be aiming for another rally towards the $1,720 level.
- Ethereum is correcting gains from the $1,655 and $1,665 resistance levels.
- The price is now trading above $1,600 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally again if it stays above the $1,600 support zone.
Ethereum price eyes another rise
Ethereum price started a steady rise above the $1,500 resistance zone. ETH gained momentum to move above the $1,600 resistance zone, as Bitcoin At $22,000.
Even the bulls pushed the price above the $1,650 level and the price settled above it. 100 hourly simple moving average. A new annual high was made near $1,679 and the price is now correcting the increase. There was a minor move below the $1,650 level.
Ether price fell below the 23.6% Fib retracement level of the $1,679 swing high from the $1,480 swing low. Also, there was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD.
The price is now trading above $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,650 level and the broken trend line.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,680 level. An upside break above the $1,680 resistance zone could initiate a fresh rally. In the described scenario, the price might move towards the $1,720 resistance. Any further gains could send the price towards $1,788 or even $1,800 in the near term.
Limited Dips in ETH?
If Ethereum fails to clear the $1,650 resistance, it may move lower. Initial support on the downside is near the $1,600 level.
The next major support is near the $1,580 level or the 50% Fib retracement level of the $1,679 swing high from the $1,480 swing low. If there is a move below $1,580, the price may test the $1,520 support. Further losses could call for a test of the $1,480 zone.
Hourly MACD – MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key support level – $1,580
Key resistance level – $1,650
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