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Homebtc newsEthereum Price Hints At Potential Rally But This Resistance Is The Key

Ethereum Price Hints At Potential Rally But This Resistance Is The Key

Ethereum started another increase above the $1,620 resistance against the US Dollar. ETH is rising and might rally if it clears the $1,665 resistance zone.

  • Ethereum is slowly moving higher 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 bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally if there is a clear move above the $1,665 resistance zone.

Ethereum Price Starts Increase

Ethereum price remained well bid above the $1,550 level. ETH formed a base and started a fresh increase above the $1,600 resistance zone. There was a clear move above the $1,620 resistance, similar to bitcoin.

There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD. The bulls were able to pump the price above the $1,640 resistance. A high is formed near $1,658 and the price is now consolidating gains.

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Ether price is now trading above $1,620 and the 100 hourly simple moving average. It is trading near the 23.6% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high.

Ethereum Price

Source: ETHUSD on inew.news

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An immediate resistance is near the $1,655 level. The next major resistance is near the $1,665 level. An upside break above the $1,665 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send ether towards the $1,800 level.

Dips Limitd in ETH?

If ethereum fails to clear the $1,665 resistance, it could start a downside correction. 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% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high. If there is a break below $1,600, the price might drop towards the $1,550 support. Any more losses might call for a retest of the $1,520 zone in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,665

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