ethereum price is attempting a fresh rise above $1,650 against the US dollar. eth could accelerate further if it breaks the $1,670 resistance.
- ethereum is attempting a fresh rise above the $1,620 level.
- The price is trading above $1,620 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,645 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it breaks the $1,670 resistance zone.
ethereum price rises further
ethereum price formed a base above the $1,580 level. eth remained stable and broke the $1,620 resistance zone to move into a positive zone, like bitcoin.
There was a move above the $1,650 level, but the upside was limited. A high was formed near $1,667 and there was a small downward correction. The price is now trading near the 23.6% Fibonacci retracement level of the upward move from the low of $1,583 to the high of $1,667.
ethereum is trading above $1,640 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,645 on the hourly chart of eth/USD.
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Fountain: ETHUSD on TradingView.com
On the upside, the price could face resistance near the $1,670 level. The next major resistance is $1,720. A clear move above the $1,720 resistance zone could set the pace for a further rise. In the indicated case, the price could visit the $1,800 resistance. The next key resistance could be $1,820. Any further gains could open the doors to a move towards $1,880.
Are drops in eth limited?
If ethereum fails to overcome the $1,670 resistance, a downward correction could occur. Initial support on the downside is near the $1,645 level and the trend line.
The next key support is $1,620 or $1,600, below which the price could test the $1,600 support. A downside break below the $1,600 support could start another bearish wave. In the indicated case, there could be a drop towards the $1,540 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,620
Main Resistance Level: $1,670
