Ethereum is holding gains and rising towards $1,600 against the US Dollar. ETH could rally if there is a clear move above the $1,620 resistance zone.
Ethereum remained stable above the $1,520 and $1,500 support levels.
The price is now trading above $1,550 and the 100 hourly simple moving average.
There is a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it stays above the $1,520 and $1,500 support levels.
Ethereum Price Eyes Upside Break
Ethereum corrected lower below the $1,550 support level. The bears were able to push the price below the $1,540 level and the 100 hourly simple moving average.
However, the $1,500 support acted as a strong barrier. Ether price traded as low as $1,513 and recently started an upside correction. There was a move above the $1,550 and $1,560 resistance levels. The price climbed above the 50% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low.
The price is now trading above $1,550 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD.
The pair is now consolidating near the 76.4% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low. An immediate resistance on the upside is near the $1,610 level. The next major resistance is now forming near the $1,620 level.
Source: ETHUSD on TradingView.com
A clear move above the $1,620 level might start a steady increase towards $1,650 resistance. Any more gains may perhaps open the doors for a move towards the $1,700 resistance in the near term.
Fresh Decline in ETH?
If ethereum fails to rise above the $1,620 resistance, it could start another decline. An initial support on the downside is near the $1,560 zone and the 100 hourly SMA.
The next major support is near $1,535 and the channel trend line, below which ether price might revisit $1,500. Any more losses may perhaps send the price towards the $1,420 zone.
Technical Indicators
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 – $1,535
Major Resistance Level – $1,620
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