Ethereum price is expecting an upside break above USD 1,650 against the US dollar. ETH needs to stay above $1,600 to see another rise in the near term.
- Ethereum is slowly moving up from the USD 1,620 support zone.
- The price is trading above $1,632 and the 100-hour Simple Moving Average.
- A connecting bullish trendline is forming with support near USD 1,622 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a steady rise if it closes above the USD 1,650 resistance.
Ethereum price looks fresh
Ethereum price experienced a few swing moves below the USD 1,650 resistance zone. ETH even spiked towards $1,665, but the bears remained active. There was another drop and the price tested the $1,600 support zone again.
It is moving higher above USD 1,620 again, just like Bitcoin. Ether is now trading above $1,632 and the 100-hour Simple Moving Average. In addition, a connecting bullish trendline is forming with support near USD 1,622 on the ETH/USD hourly chart.
On the upside, the price could encounter resistance near the USD 1,645 level. It is close to the 50% Fib retracement level of the recent drop from the $1,668 swing high to the $1,624 low.
The next resistance is near the $1,650 level or the 61.8% Fib retracement level from the recent drop from the $1,668 swing high to the $1,624 low, above which the price could rise to the $1,665 level. The next major hurdle is near the USD 1,700 level.
Source: ETHUSD at TradingView.com
A close above the USD 1,700 level could push Ethereum further up. The next resistance could be near USD 1,750. Any further gains could push the price towards the USD 1,800 resistance.
Another drop in ETH?
If Ethereum fails to clear the USD 1,650 resistance, it could spark another decline. The initial downside support is near the $1,630 level and the 100-hour Simple Moving Average.
The first major support is close to USD 1,620 and the trendline. The next key support is at USD 1,600. A downside break below $1,600 could put the bears in control. The next major support is near the USD 1,580 level. If there is a downside break below USD 1,580, 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 – $1,600
Major resistance level – $1,650