Ethereum rose above the $1,500 resistance zone against the US Dollar. ETH is consolidating its gains and could target a further rally towards the $1,650 level.
- Ethereum started a decent rise above the $1500 and $1520 resistance levels.
- The price is now trading above $1,520 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further unless there is a downside correction below the $1,520 support.
Ethereum price remains in the uptrend
Ethereum price started a sharp rise above the $1,450 resistance. ETH managed to break above the $1,500 resistance zone to move further into a positive zone, similar to bitcoin above $20,500.
The price even broke above the $1,550 resistance zone and tested $1,600. A high is formed near $1,606 and the price is now consolidating its gains. There was a slight dip below the 50% Fib retracement level of the recent rise from the lows of $1,520 to highs of $1,606.
However, the bulls were active above the $1,540 support. It even held steady above the 76.4% Fib retracement level of the recent rise from the low from the $1,520 high to $1,606 low.
Ether price is now trading above $1,520 and the 100 hour simple moving average. There is also a key uptrend line forming with support near $1,550 on the hourly chart of ETH/USD. An immediate resistance is near the $1,590 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could trigger a fresh rally.
Source: ETHUSD on TradingView.com
In the indicated case, the price could possibly rise towards the resistance at $1,700. Any further gains could push the price up towards $1,750 or even $1,800 in the short term.
Dips supported in ETH?
If Ethereum fails to clear the $1,620 resistance, it could trigger a downward correction. A first downside support is near the $1,555 level and the trendline.
The next major support is near the $1,520 level. If there is a move below $1,520, the price could test the $1,450 support. Any further losses might require a test of the $1,350 zone.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,520
Major resistance level – $1,620