Ethereum price is attempting a fresh rise above $1,650 against the US dollar. ETH could accelerate higher if it clears the USD 1,670 resistance.
- Ethereum is attempting another surge above the USD 1,620 level.
- The price is trading above USD 1,620 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $1,645 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it breaks the $1,670 resistance zone.
Ethereum price soars higher
Ethereum price formed a base above the USD 1,580 level. ETH held steady and climbed above the $1,620 resistance zone to move into a positive zone like Bitcoin.
There was a move above the USD 1,650 level, but the upside was limited. A high was formed around $1,667 and there was a small downward correction. The price is now trading near the 23.6% Fib retracement level of the upward move from the $1,583 swing low to the $1,667 high.
Ethereum is trading above $1,640 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support near $1,645 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price could encounter resistance near the USD 1,670 level. The next major resistance is $1,720. A clear move above the USD 1,720 resistance zone could set the pace for a bigger rise. In the mentioned case, the price could reach the USD 1,800 resistance. The next major resistance could be $1,820. Any further gains could open the doors for a move towards $1,880.
Are dips restricted in ETH?
If Ethereum fails to clear the USD 1,670 resistance, it could trigger a downside correction. The initial downside support is near the $1,645 level and the trendline.
The next major support is at USD 1,620 or below, below which the price could test the USD 1,600 support. A downward break below the USD 1,600 support could trigger a new bearish wave. In the mentioned case, there could be a decline towards the $1,540 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,620
Major resistance level – $1,670