Ethereum remained well bid above the $1,550 zone against the US Dollar. ETH is rising and might gain pace if there is a clear move above the $1,670 level.
Ethereum found support near $1,580 and started a fresh increase.
The price is now trading above $1,630 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if there is a clear move above $1,670 and $1,680.
Ethereum Price Eyes Upside Break
Ethereum started another decline below the $1,650 level. ETH even traded below the $1,600 support zone but downsides were limited. The price remained in a range and was well supported above the $1,550 level.
A low was formed near $1,580 and the price is now rising. There was a clear move above the $1,600 and $1,620 levels. Ether price cleared the 50% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low.
Besides, there was a break above a major bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD. The pair is now trading above $1,630 and the 100 hourly simple moving average.
It is also trading above the 76.4% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low. An immediate resistance on the upside is 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 start a steady increase to $1,750. If the bulls remain in action, the price may perhaps rise towards the $1,800 resistance zone.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,670 resistance, it could start another bearish wave. An 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 risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,550 support. Any more losses might call for a test of the $1,500 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,580
Major Resistance Level – $1,670
