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Ethereum remained nicely bid above the $1,550 zone in opposition to the US Dollar. ETH may begin a recent enhance if it clears the $1,625 resistance zone.

• Ethereum is secure and is displaying constructive indicators above the $1,550 help zone.
• The worth is now buying and selling above $1,560 and the 100 hourly easy shifting common.
• There is a significant contracting triangle forming with resistance close to $1,620 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may begin a recent enhance if it clears the $1,620 and $1,625 ranges.

Ethereum Price Eyes Fresh Increase

Ethereum began a downside correction after it shaped a short-term prime close to the $1,665 degree. ETH declined beneath the $1,620 and $1,600 ranges.

There was a transfer beneath the 50% Fib retracement degree of the important thing wave from the $1,485 swing low to $1,665 excessive. Ether worth even spiked beneath the $1,580 degree and the 100 hourly simple moving average. However, the bulls have been energetic close to the $1,550 help zone.

It discovered bids close to the 61.8% Fib retracement degree of the important thing wave from the $1,485 swing low to $1,665 excessive. The worth is now buying and selling above $1,560 and the 100 hourly easy shifting common.

There can be a significant contracting triangle forming with resistance close to $1,620 on the hourly chart of ETH/USD. An fast resistance on the upside is close to the $1,620 degree and the triangle development line zone. The first main resistance is close to the $1,640 and $1,650 ranges, above which the worth may acquire bullish momentum.

Source: ETHUSD on TradingView.com

In the said case, the worth may even take a look at the $1,700 degree. Any extra positive aspects would possibly ship the worth towards the $1,800 resistance zone.

Dips Limited in ETH?

If ethereum fails to climb above the $1,625 resistance, it may proceed to maneuver down. An preliminary help on the draw back is close to the $1,575 degree and the 100 hourly easy shifting common.

The first main help is close to the $1,550 degree and the triangle decrease development line. A draw back break beneath the $1,550 zone would possibly enhance promoting stress. In the said case, ether worth could maybe decline in the direction of the $1,500 help zone within the close to time period.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now dropping momentum within the bearish zone.

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

Major Support Level – $1,550

Major Resistance Level – $1,625