Ethereum climbed further higher above $1,620 against the US Dollar. ETH is consolidating gains and might aim another rally towards the $1,720 level.
- Ethereum is correcting gains from the $1,655 and $1,665 resistance levels.
- The price is now trading above $1,600 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally again if it stays above the $1,600 support zone.
Ethereum Price Eyes Another Increase
Ethereum price started a steady increase above the $1,500 resistance zone. ETH gained pace for a move above the $1,600 resistance zone, similar to bitcoin at $22,000.
The bulls even pushed the price above the $1,650 level and the price settled above the 100 hourly simple moving average. A new yearly high was formed near $1,679 and the price is now correcting gains. There was a minor move below the $1,650 level.
Dips Limited in ETH?
If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,600 level.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,580 Major Resistance Level – $1,650