Ethereum started a strong rise above the $1,600 level against the US Dollar. ETH is up over 15% and it might even clear the $1,700 resistance area.
- Ethereum started a major rally above the $1,550 and $1,600 levels.
- The price is now trading above $1,600 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,450 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a clear move above the level of $ 1,675, the pair may continue to rise.
Ethereum price jumps above $1,600
Ethereum formed a base above the $1,400 level and started a major rise. ETH was able to overcome some key hurdles near the $1,500 and $1,550 levels.
The price jumped over 15% and even crossed the $1,600 level. There was a break above a major bearish trend line with resistance near $1,450 on the hourly chart of ETH/USD. The pair climbed sharply and crossed the 76.4% Fibonacci retracement level from the high of $1,663 to the low of $1,357.
It even broke the $1,650 level and is now trading near the $1,660 area. Ether price is now trading above $1,600 and the 100 hourly simple moving average. An immediate upside resistance is near the $1,675 level. The first major resistance is near the $1,700 area.
Source: ETHUSD on TradingView.com
A major resistance is now forming near the $1,735 area. It is near the 1.236 Fib extension level of the downside move from the $1,663 high to $1,357 low. A clear move above the $1,735 level could propel the price higher. In the specified case, the price might move towards the $1,800 resistance area.
Supported Dips in ETH?
If Ethereum fails to rise above the $1,675 resistance, it could start a downside correction. An initial support on the downside is near the $1,620 area.
A clear move below the $1,620 support could lead to a move towards the $1,580 level. Any further losses could push the price towards the $1,510 support or even the 100 hourly simple moving average in the near term.
technical indicators
hourly macd , The MACD for ETH/USD is now losing momentum in the bullish zone.
hourly rsi , The RSI for ETH/USD is now in overbought territory.
Key Support Level – $1,620
Key Resistance Level – $1,675