- Ethereum price is correcting gains below the $1,650 level against the US Dollar.
- ETH price is now trading near $1,630 and the 55 simple moving average (4-hours).
- There is a key contacting triangle forming with support near $1,610 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,600 support zone.
Ethereum price is consolidating above the $1,600 level against the US Dollar. ETH/USD could rise further if it clears the $1,660 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,600 level against the US Dollar. ETH price was able to gain pace for a move above the $1,620 level and the 55 simple moving average (4-hours).
The bulls even cleared the $1,680 resistance zone. However, the bears were active near the $1,715 and $1,720 levels. A high was formed near $1,714 and the price saw a downside correction. There was a move below the $1,680 and $1,650 levels.
There was a move below the 50% Fib retracement level of the upward move from the $1,534 swing low to $1,714 high. The price is now trading near $1,630 and the 55 simple moving average (4-hours).
There is also a key contacting triangle forming with support near $1,610 on the 4-hours chart. An immediate resistance on the upside is near the $1,640 level. The next major resistance is near the $1,660 zone and the triangle upper trend line.
A clear move above the $1,660 level could send the price towards $1,720. Any more gains could even send the price towards the $1,800 resistance zone in the near term.
On the downside, an initial support is near the $1,610 level and the triangle trend line. The next major support is now near the $1,600 level or the 61.8% Fib retracement level of the upward move from the $1,534 swing low to $1,714 high.
A break below the $1,600 support could push the price to $1,500. Any more losses could lead the price towards $1,440 or even $1,320 in the coming days.
Looking at the chart, Ethereum price is clearly trading near the $1,630 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,600 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,600, followed by the $1,500 zone.
Key Resistance$ Levels – $1,660 and $1,700.
