Ethereum is consolidating gains above $1,600 against the US dollar. ETH is showing positive signs and could start another rally above $1,650.
- Ethereum is showing positive signs above the $1,620 and $1,600 levels.
- The price is now trading above $1,600 and the 100 hourly simple moving average.
- A key bullish flag is forming with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may rally again if it clears the $1,640 and $1,650 resistance levels.
Ethereum price may pop higher.
Ethereum price started a downward correction from the $1,680 resistance zone. ETH corrected below the $1,650 and $1,620 levels, respectively Bitcoin.
The price fell below the 23.6% Fib retracement level of the uptrend from the $1,481 swing low to the $1,680 high. There was a sharp decline below the $1,620 level and the 100 hourly simple moving average. However, K The price held steady near the $1,600 level.
Ether is now trading above $1,600 and the 100 hourly simple moving average. There is also an important bullish flag with resistance near $1,640 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance is near the $1,640 level and channel resistance. The next major resistance is near the $1,665 level. An upside break above the $1,665 resistance zone could start a new rally. In the described scenario, the price might move towards the $1,720 resistance. Any further gains could send the price towards $1,800 or even $1,850 in the near term.
Supported dips in ETH?
If Ethereum fails to clear the $1,640 resistance, it could start another negative correction. Initial support on the downside is near the $1,620 level and the 100-hour SMA.
The next major support is near the $1,580 level or the 50% Fib retracement level of the upside wave above the $1,481 swing low at $1,680. If there is a break below $1,580, the price could fall towards the $1,520 support. Further losses may call for a test of the $1,500 zone.
Technical indicators
Hourly MACD – The MACD for ETH/USD is now gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key support level – $1,580
Major resistance level – $1,640
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