Ethereum is trading at above $1,550. ETH could rise if there is a clear move above the $1,620 resistance zone.
- Ethereum is trading in the positive zone above the $1,520 and $1,500 support levels.
- The price is currently trading above $1,550 and the 100-hour simple moving average.
- There is a major uptrend line forming with support near $1,560 on the hourly chart of ETH/USD.
- The pair could initiate another rally if it sustains above the $1,550 and $1,530 support levels.
Ethereum Price Rises
Ethereum managed to gain strength above the $1,620 resistance level and the 100-hour simple moving average. However, ETH was unable to sustain stability above $1,620.
The high price was formed near $1,648 and the price increase fell. There have been price declines below the $1,580 and $1,550 levels.
The low price was formed near $1,535 and the price is currently rising. There was a move above the $1,550 resistance level. Ether price has reached a 23.6% Fib retracement, the recent drop from $1,648 to $1,535.
Ethereum is currently trading above $1,550 and a simple 100-hour moving average. There is also a major uptrend line forming with support near $1,560 on the hourly chart of ETH/USD.
The immediate resistance on the upside is near the $1,600 level. It sits near the 50% Fib retracement level of the recent decline from the $1,648 high to the $1,535 low. The next major resistance level is currently forming near the $1,620 level.
A clear move above the $1,650 level could take the price to the $1,650 resistance level. Any further gains could cause Ethereum to reach the $1,700 resistance level in the near term.
Ethereum’s new decline?
If Ethereum fails to break above the $1,600 resistance level, it could initiate another slump. Initial support on the downside is near the $1,560 zone and the 100 hourly SMA.
The next major support is near $1,535, below which the ether price could return to $1,500. Any further losses could send the price towards the $1,420 zone.
Technical indicators
Hourly MACD – THE MACD for ETH/USD is currently gaining momentum in the bullish zone.
Hourly RSI – RSI for ETH/USD is currently above 50.
Key support level – $1,535
Key resistance level – $1,600
