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Ethereum is consolidating above $1,550 in opposition to the US Dollar. ETH may rally if there’s a clear transfer above the $1,620 resistance zone.

• Ethereum is buying and selling in a constructive zone above the $1,520 and $1,500 assist ranges.
• The value is now buying and selling above $1,550 and the 100 hourly easy transferring common.
• There is a key bullish pattern line forming with assist close to $1,560 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
• The pair may begin one other improve if it stays above the $1,550 and $1,530 assist ranges.

Ethereum Price Eyes Fresh Increase

Ethereum made an try to acquire energy above the $1,620 resistance and the 100 hourly easy transferring common. However, ETH failed to stay secure above $1,620.

A excessive was fashioned close to $1,648 and the value trimmed positive aspects. There was a drop beneath the $1,580 degree and $1,550. A low is fashioned close to $1,535 and the value is now rising. There was a transfer above the $1,550 resistance. Ether value cleared the 23.6% Fib retracement degree of the current decline from the $1,648 swing excessive to $1,535 low.

It is now buying and selling above $1,550 and the 100 hourly simple moving average. There can be a key bullish pattern line forming with assist close to $1,560 on the hourly chart of ETH/USD.

An quick resistance on the upside is close to the $1,600 degree. It is close to the 50% Fib retracement degree of the current decline from the $1,648 swing excessive to $1,535 low. The subsequent main resistance is now forming close to the $1,620 degree.

Source: ETHUSD on TradingView.com

A transparent transfer above the $1,650 degree may ship the value in direction of $1,650 resistance. Any extra positive aspects could maybe open the doorways for a transfer in direction of the $1,700 resistance within the close to time period.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,600 resistance, it may 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, beneath which ether value may revisit $1,500. Any extra losses could maybe ship the value in 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 – $1,600