Ethereum gained pace above the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might aim a fresh rally towards the $1,650 level.
- Ethereum started a decent increase above the $1,500 and $1,520 resistance levels.
- The price is now trading above $1,520 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further unless there is a downside correction below the $1,520 support.
Ethereum Price Remains In Uptrend
Ethereum price started a strong increase above the $1,450 resistance. ETH was able to clear the $1,500 resistance zone to move further into a positive zone, similar to bitcoin above $20,500.
The price even surpassed the $1,550 resistance zone and tested $1,600. A high is formed near $1,606 and the price is now consolidating gains. There was a minor decline below the 50% Fib retracement level of the recent increase from the $1,520 swing low to $1,606 high.Ether price is now trading above $1,520 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,550 on the hourly chart of ETH/USD. An immediate resistance is near the $1,590 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could start a fresh rally.
Dips Supported in ETH?
If ethereum fails to clear the $1,620 resistance, it could start a downside correction. An initial support on the downside is near the $1,555 level and the trend line.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,520 Major Resistance Level – $1,620