Ethereum price is forming a bullish continuation pattern and may rise again.

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.

The price of Ethereum

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 MACDThe MACD for ETH/USD is now gaining strength in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Key support level – $1,580

Major resistance level – $1,640

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