- Ethereum price is gaining pace above the $1,550 level against the US Dollar.
- ETH price is now trading above $1,500 and the 55 simple moving average (4-hours).
- There is a connecting bullish trend line forming with support near $1,610 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it clears the $1,680 resistance zone.
Ethereum price is rising above the $1,550 level against the US Dollar. ETH/USD could rise further if it clears the $1,680 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a strong increase above the $1,450 level against the US Dollar. ETH price was able to gain pace for a move above the $1,550 level and the 55 simple moving average (4-hours).
The bulls even cleared the $1,600 resistance zone. The price even spiked above the $1,650 level and formed a high near the $1,680 level. It is now consolidating gains above the $1,600 level. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $1,500 swing low to $1,680 high.
It is now trading above $1,550 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $1,650 level. The next major resistance is near the $1,680 zone.
Any more gains could even send the price towards the $1,750 resistance zone in the near term. On the downside, an initial support is near the $1,610 level. There is also a connecting bullish trend line forming with support near $1,610 on the 4-hours chart.
The next major support is now near the $1,590 level. The main support is near the $1,580 level or the 50% % Fib retracement level of the upward move from the $1,500 swing low to $1,680 high.
A break below the $1,580 support could push the price to $1,520. Any more losses could lead the price towards $1,450 or even $1,320 in the coming days.
Looking at the chart, Ethereum price is clearly trading above the $1,550 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,680 resistance zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,610, followed by the $1,580 zone.
Key Resistance$ Levels – $1,650 and $1,680.
