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Ethereum price started a fresh increase above the $1,600 zone. ETH is now up nearly 15% and might attempt a move above the $1,680 zone.
- Ethereum started a decent increase above the $1,550 and $1,600 levels.
- The price is trading above $1,550 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1,470 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair tested the $1,680 resistance zone and might correct some gains.
Ethereum Price Jumps Over 12%
Ethereum price formed a base above $1,380 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,450 and $1,500 resistance levels.
The bulls even pumped the price above the $1,550 zone. There was a break above a key bearish trend line with resistance at $1,470 on the hourly chart of ETH/USD. The pair even cleared the $1,620 resistance zone. A high was formed at $1,687 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $1,384 swing low to the $1,687 high.
Ethereum price is now trading above $1,550 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,650 level.
The next key resistance is near the $1,680 level. The first major resistance is near the $1,720 level. A clear move above the $1,720 resistance might send the price toward the $1,750 resistance. An upside break above the $1,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,850 resistance zone or even $1,880 in the near term.
Are Dips Limited In ETH?
If Ethereum fails to clear the $1,650 resistance, it could start a downside correction. Initial support on the downside is near the $1,615 level. The first major support sits near the $1,580 zone.
A clear move below the $1,580 support might push the price toward the $1,535 support and the 50% Fib retracement level of the upward move from the $1,384 swing low to the $1,687 high. Any more losses might send the price toward the $1,480 support level in the near term. The next key support sits at $1,420.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,535
Major Resistance Level – $1,650
