Ethereum started another rally above the $1,620 resistance against the US Dollar. ETH is rising and could rally if it breaches the $1,665 resistance zone.
- Ethereum is slowly moving above the $1,600 and $1,620 levels.
- The price is now trading above $1,620 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could go higher if there is a clear move above the $1665 resistance zone.
Ethereum price starts to rise
Ethereum price remained well-bid above the $1,550 level. ETH formed a base and started a fresh rise above the $1,600 resistance zone. There was a clear move above the $1,620 resistance, similar to bitcoins.
There was a break above a major downtrend line with resistance near $1,615 on the hourly chart of ETH/USD. The bulls were able to push the price above the $1,640 resistance. A high is formed near $1,658 and the price is now consolidating gains.
Ether price is now trading above $1,620 and the 100 hour simple moving average. It is trading near the 23.6% Fib retracement level of the up move from the $1,557 low to $1,658 high.
Font: ETHUSD on TradingView.com
An immediate resistance is near the $1,655 level. The next major resistance is near the $1,665 level. A bullish break above the $1,665 resistance zone could start a decent rally. In the indicated case, the price perhaps rises towards the $1,720 resistance. More gains could send ether looking towards the $1,800 level.
Limited dips in ETH?
If ethereum fails to clear the resistance at $1,665, a correction to the downside could begin. An initial support on the downside is near the $1,620 level or the broken trend line.
The next major support is near the $1,600 level or the 50% Fibonacci retracement level of the up move from the $1,557 low to $1,658 high. If there is a break below $1,600, the price could drop towards the $1,550 support. Any further losses could require a retest of the $1,520 area in the near term.
technical indicators
MACD per hour – The MACD for ETH/USD is now gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level: $1,620
Highest Resistance Level: $1,665
