Ethereum price is expecting an upside break above USD 1,650 against the US dollar. ETH could gain bullish momentum if it clears USD 1,650 and USD 1,670 in the near term.
- Ethereum is slowly moving higher above the USD 1,620 support zone.
- The price is trading above USD 1,640 and the 100-hour Simple Moving Average.
- A major bullish trendline is forming with support near USD 1,625 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could start a decent rally if it closes above the USD 1,650 and USD 1,670 resistance levels.
Ethereum price eyes upside breakout
Ethereum price remained stable above the USD 1,620 support zone. ETH formed a base and made another attempt to clear the USD 1,650 resistance, just like Bitcoin.
There was a spike above the USD 1,650 resistance zone, but the bulls struggled at the next hurdle at USD 1,670. A high was formed near USD 1,669 before the price trimmed gains. It traded below the USD 1,650 level. The bears pushed it below the 50% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.
However, the bulls protected the $1,640 zone. It is close to the 61.8% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.
Ether is now trading above $1,640 and the 100-hour Simple Moving Average. In addition, a major bullish trendline is forming with support near $1,625 on the ETH/USD hourly chart. On the upside, the price could encounter resistance near the USD 1,650 level.
Source: ETHUSD at TradingView.com
The next resistance is near the USD 1,670 level, above which the price could rise towards the USD 1,720 level. The next major hurdle is near the USD 1,750 level. A close above the USD 1,750 level could send Ethereum further up. The next resistance could be near USD 1,820. Any further gains could push the price towards the USD 1,880 resistance.
Another drop in ETH?
If Ethereum fails to clear the USD 1,670 resistance, it could spark another decline. The initial downside support is near the USD 1,642 level.
The first major support is close to $1,635 and the 100-hour Simple Moving Average. The next key support is USD 1,625 and the trendline. A downside break below $1,625 could push the price towards $1,600. If there is a downside break below USD 1,600, the price could revisit the key USD 1,540 support level.
Technical indicators
MACD per hour – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,625
Major resistance level – $1,670
