Ethereum remains well above the $1,550 zone against the US Dollar. ETH is up and may go higher if there is a clear move above the $1,670 level.
- Ethereum found support near $1,580 and started a new rise.
- The price is currently trading above $1,630 and the hourly simple moving average is 100.
- There is a break above the main bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rally if there is a clear move above $1,670 and $1,680.
The price of Ethereum is rising
Ethereum started another decline below the $1,650 level. ETH is even trading below that $1,600 support zone but the downsides were limited. The price remains in a range and is well supported above the $1,550 level.
A low was formed near $1,580 and the price is now rising. There is a clear move above the $1,600 and $1,620 levels. Ether price cleared the 50% Fib retracement level of the recent low from $1,672 high to $1,580.
Additionally, there is a break above the main bearish trend line with resistance near $1,640 on the ETH/USD hourly chart. The pair is currently trading above $1,630 and 100 moving averages per hour.
It is also trading above the 76.4% Fib retracement level of the recent decline from the $1,672 swing high to the $1,580 low. Immediate resistance on the upside near the $1,670 level. The first major resistance is near the $1,680 level.
Source: ETHUSD on TradingView.com
A clear move above the $1,680 level could initiate a sustained rise to $1,750. If the bulls continue to act, the price may rise to the $1,800 resistance zone.
A recent drop in ETH?
If ethereum fails to rise above the $1,670 resistance, it could start another bearish wave. Initial support on the downside is near the $1,620 zone and the 100 hourly simple moving average.
The next major support is near $1,580, below which there is a clear downside risk. In that case, the price of ether may drop to the $1,550 support. Any losses may require a $1,500 level test.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Key Support Level – $1,580
Main Resistance Level – $1,670
