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Ethereum is consolidating beneficial properties above $1,500 towards the US Dollar. ETH may begin one other improve and clear the $1,600 resistance zone within the close to time period.

• Ethereum is displaying constructive indicators above the $1,500 and $1,520 resistance ranges.
• The value is now buying and selling above $1,550 and the 100 hourly easy transferring common.
• There is a connecting bullish development line forming with help close to $1,570 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may rise additional until there’s a draw back break under the $1,515 help.

Ethereum Price Eyes Another Increase

Ethereum value remained secure above the $1,500 resistance. ETH made one other try and clear the $1,600 resistance zone, just like bitcoin at $21,500.

However, the bears had been energetic close to the $1,600 resistance zone. A excessive is fashioned close to $1,607 and the worth is now consolidating beneficial properties. There was a minor decline under the 50% Fib retracement degree of the upward transfer from the $1,541 swing low to $1,607 excessive.

The value is now displaying positive signs above the $1,540 support. It even remained secure above the 61.8% Fib retracement degree of the upward transfer from the $1,541 swing low to $1,607 excessive.

Ether value is now buying and selling above $1,550 and the 100 hourly easy transferring common. There can be a connecting bullish development line forming with help close to $1,570 on the hourly chart of ETH/USD. An instant resistance is close to the $1,600 degree. The subsequent main resistance is close to the $1,620 degree. An upside break above the $1,620 resistance zone may begin a contemporary improve.

Source: ETHUSD on TradingView.com

In the said case, the worth might maybe rise in the direction of the $1,700 resistance. Any extra beneficial properties may ship the worth in the direction of $1,720 and even $1,750 within the close to time period.

Dips Limited in ETH?

If ethereum fails to clear the $1,600 resistance, it may begin a draw back correction. An preliminary help on the draw back is close to the $1,575 degree and the development line.

The subsequent main help is close to the $1,550 degree. If there’s a transfer under $1,550, the worth may take a look at the $1,515 help. Any extra losses may name for a take a look at of the $1,450 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 – $1,540

Major Resistance Level – $1,600