- Ethereum price started a major increase above the $1,600 level against the US Dollar.
- ETH price is now trading above $1,600 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $1,570 on the 4-hours chart (data feed from Coinbase).
- The pair could gain bullish momentum if it clears the $1,700 resistance zone.
Ethereum price is rising above the $1,600 level against the US Dollar. ETH/USD could rise further if it clears the $1,720 resistance zone.
Ethereum Price Analysis
This week, ethereum saw a decent increase above the $1,530 zone against the US Dollar. ETH price was able to clear the $1,580 and $1,600 resistance levels after it formed a base above the $1,530 zone.
The price rallied sharply above the $1,600 and $1,620 levels. There was a break above a key bearish trend line with resistance near $1,570 on the 4-hours chart. There was a clear move above the 50% Fib retracement level of the downward move from the $1,722 swing high to $1,420 low.
It is now trading above the $1,600 zone and the 55 simple moving average (4-hours). An immediate resistance is near the $1,650 level. It is near the 76.4% Fib retracement level of the downward move from the $1,722 swing high to $1,420 low.
The next major resistance is near the $1,700 zone or $1,720, above which the price could rise towards the $1,800 level. Any more gains could even send the price above the $2,000 resistance zone. An intermediate hurdle could be near the $1,950 level.
On the downside, an initial support is near the $1,570 level. The next major support is now near the $1,550 level and the 55 simple moving average (4-hours). A break below the $1,550 support could push the price to $1,500. Any more losses could lead the price towards $1,420.
Looking at the chart, Ethereum price is clearly trading above the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could gain bullish momentum if it clears the $1,700 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 – $1,550, followed by the $1,420 zone.
Key Resistance$ Levels – $1,720 and $2,000.
