Ethereum price is expecting a major upside break above $1,650 against the US dollar. ETH could gain bullish momentum if there is a close above $1,650 and $1,670.
- Ethereum is moving higher towards the USD 1,650 resistance.
- The price is trading above USD 1,610 and the 100-hourly Simple Moving Average.
- A short-term ascending channel is forming with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if a close is above $1,650 and $1,670.
Ethereum price eyes upside breakout
Ethereum price formed a base above the USD 1,580 level and extended the increase. ETH traded above the resistance at $1,620 to move into a positive zone like Bitcoin.
The price is now trading near a key barrier at USD 1,650, above which it could accelerate further. Ether is now trading above $1,610 and the 100-hour Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent rise from the $1,582 swing low to the $1,644 high.
Furthermore, a short-term ascending channel is forming with support near $1,630 on the hourly chart of ETH/USD. On the upside, the price could encounter resistance near the USD 1,645 level. The next resistance is near the $1,650 level. A close above the USD 1,650 resistance could push the price towards the USD 1,670 resistance.
Source: ETHUSD on TradingView.com
To start a steady increase, the price must break above the USD 1,670 resistance. 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 rejection in ETH?
If Ethereum fails to clear the USD 1,650 resistance, it could trigger another decline. The initial downside support is near the $1,630 level and the channel trendline.
The first major support is near $1,610, the 100-hour Simple Moving Average, and the 50% Fib retracement level of the recent rise from the $1,582 swing low to the $1,644 high. The next major support is at USD 1,580. A downward break below $1,580 could trigger a new bearish wave. In the mentioned case, the price could even drop to the $1,520 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 – $1,610
Major resistance level – $1,650
