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Ethereum consolidates gains above $1,600 against the US Dollar. ETH is showing positive signs and might start another rise above $1,650.

  • Ethereum is showing positive signs above the $1,620 and $1,600 levels.
  • The price is now trading above $1,600 and the 100 hourly simple moving average.
  • A key bullish flag is forming with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might rally again if it breaks through the resistance levels of $1,640 and $1,650.

Ethereum price could climb higher

Ethereum price started a downward correction from the $1,680 resistance zone. ETH corrected below the $1,650 and $1,620 level, similar to bitcoins.

The price fell below the 23.6% Fib retracement level of the uptrend from the low of $1,481 to $1,680. There was a sharp decline below the $1,620 level and the 100 hourly simple moving average. However, the the price remained stable near the $1,600 level.

Ether price is now trading above $1,600 and the 100 hourly simple moving average. A key bullish flag is also forming with resistance near $1,640 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

Immediate resistance is near the $1,640 level and channel resistance. The next major resistance is near the $1,665 level. An upside break above the $1,665 resistance zone could trigger a fresh rally. In the indicated case, the price could possibly rise towards the resistance at $1,720. Any further gains could push the price up towards $1,800 or even $1,850 in the short term.

Dips supported in ETH?

If Ethereum fails to clear the $1,640 resistance, it could trigger another downward correction. An initial support on the downside is near the $1,620 level and the 100 hourly SMA.

The next major support is near the $1,580 level or the 50% Fib retracement level of the uptrend from the $1,481 low to $1,680 high. If there is a break below $1,580, the price could drop towards the $1,520 support. Any further losses might require a test of the $1,500 zone.

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 – $1,580

Major resistance level – $1,640



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