Blog

Ethereum is holding positive factors and rising in the direction of $1,600 towards the US Dollar. ETH might rally if there is a transparent transfer above the $1,620 resistance zone.

• Ethereum remained steady above the $1,520 and $1,500 assist ranges.
• The worth is now buying and selling above $1,550 and the 100 hourly easy shifting common.
• There is a vital rising channel forming with assist close to $1,535 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
• The pair might begin one other enhance if it stays above the $1,520 and $1,500 assist ranges.

Ethereum Price Eyes Upside Break

Ethereum corrected decrease beneath the $1,550 support level. The bears have been in a position to push the worth beneath the $1,540 degree and the 100 hourly easy shifting common.

However, the $1,500 assist acted as a robust barrier. Ether worth traded as little as $1,513 and not too long ago began an upside correction. There was a transfer above the $1,550 and $1,560 resistance ranges. The worth climbed above the 50% Fib retracement degree of the current decline from the $1,620 swing excessive to $1,513 low.

The worth is now buying and selling above $1,550 and the 100 hourly simple moving average. There is additionally a vital rising channel forming with assist close to $1,535 on the hourly chart of ETH/USD.

The pair is now consolidating close to the 76.4% Fib retracement degree of the current decline from the $1,620 swing excessive to $1,513 low. An speedy resistance on the upside is close to the $1,610 degree. The subsequent main resistance is now forming close to the $1,620 degree.

Source: ETHUSD on TradingView.com

A transparent transfer above the $1,620 degree would possibly begin a gradual enhance in the direction of $1,650 resistance. Any extra positive factors might maybe open the doorways for a transfer in the direction of the $1,700 resistance within the close to time period.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,620 resistance, it might begin one other decline. An preliminary assist on the draw back is close to the $1,560 zone and the 100 hourly SMA.

The subsequent main assist is close to $1,535 and the channel pattern line, beneath which ether worth would possibly revisit $1,500. Any extra losses might maybe ship the worth in the direction of the $1,420 zone.

Technical Indicators

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

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

Major Support Level – $1,535

Major Resistance Level – $1,620