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Ethereum worth is slowly shifting larger above $1,600 towards the US Dollar. ETH may achieve bullish momentum until there’s a nasty drop beneath $1,550.

• Ethereum is exhibiting a number of constructive indicators for a transfer above the $1,650 resistance.
• The worth is buying and selling above $1,600 and the 100-hourly Simple Moving Average.
• There was a break above a key bearish pattern line with resistance close to $1,610 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may begin an honest improve if there’s a shut above $1,650 and $1,670.

Ethereum Price Shows Bullish Signs

Ethereum’s worth remained well-supported above the $1,550 level. ETH climbed larger slowly above the $1,580 and $1,600 resistance ranges, like Bitcoin.

There was a break above a key bearish pattern line with resistance close to $1,610 on the hourly chart of ETH/USD. The pair even broke the $1,620 resistance. However, the bears are nonetheless energetic beneath the $1,650 stage. A excessive is fashioned close to $1,638 and the worth is now consolidating good points.

Ether is now buying and selling above $1,600 and the 100-hourly Simple Moving Average. It can be above the 23.6% Fib retracement stage of the current improve from the $1,530 swing low to the $1,638 excessive.

On the upside, the worth would possibly face resistance close to the $1,635 stage. The subsequent resistance is close to the $1,650 stage. An in depth above the $1,650 resistance would possibly ship the worth towards the $1,670 resistance. If the worth reclaims the $1,670 resistance, there may very well be a gentle improve.

Source: ETHUSD on TradingView.com

The subsequent main hurdle is close to the $1,750 stage. An in depth above the $1,750 stage would possibly ship Ethereum additional larger towards $1,880.

Another Drop in ETH?

If Ethereum fails to clear the $1,650 resistance, it may begin one other decline. Initial assist on the draw back is close to the $1,600 stage and the 100-hourly Simple Moving Average.

The first key assist is near $1,585 and the 50% Fib retracement stage of the current improve from the $1,530 swing low to the $1,638 excessive. The subsequent key assist is $1,550. A draw back break beneath $1,550 would possibly spark a recent spherical of promoting. In the said case, the worth may even decline towards the $1,500 stage within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 stage.

Major Support Level – $1,600

Major Resistance Level – $1,650