The Ethereum price is slowly rising above $1,600 against the US dollar. ETH could gain bullish momentum unless there is a nasty drop below $1,550.
- Ethereum is showing some positive signals for a move above the USD 1,650 resistance.
- The price is trading above USD 1,600 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a significant climb if a close is above $1,650 and $1,670.
Ethereum price shows bullish signs
Ethereum price remained well supported above the USD 1,550 level. ETH slowly climbed higher above the $1,580 and $1,600 resistance levels, just like Bitcoin.
There was a break above a key bearish trendline with resistance around $1,610 on the hourly chart of ETH/USD. The pair even broke the resistance at $1,620. However, the bears are still active below the USD 1,650 level. A high is formed near USD 1,638 and the price is now consolidating gains.
Ether is now trading above $1,600 and the 100-hour Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent rise from the $1,530 swing low to the $1,638 high.
On the upside, the price could encounter resistance near the USD 1,635 level. The next resistance is near the $1,650 level. A close above the USD 1,650 resistance could send the price towards the USD 1,670 resistance. If the price regains the resistance at USD 1,670, there could be a steady increase.
Source: ETHUSD on TradingView.com
The next major hurdle is near the USD 1,750 level. A close above the USD 1,750 level could send Ethereum further higher towards USD 1,880.
Another drop in ETH?
If Ethereum fails to clear the USD 1,650 resistance, it could trigger another decline. Initial downside support is near the $1,600 level and the 100-hourly Simple Moving Average.
The first major support is near $1,585 and the 50% Fib retracement level of the recent rise from the $1,530 swing low to the $1,638 high. The next major support is at USD 1,550. A downward break below $1,550 could trigger a new round of selling. In the mentioned case, the price could even drop to the $1,500 level in the short term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,600
Major resistance level – $1,650