Ethereum remained supported above the $1,550 area against the US Dollar. ETH is rising and could gain pace if there is a clear move above the $1,670 level.
- Ethereum found support near $1,560 and started a new rally.
- The price is now trading above $1,620 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new high if there is a clear move above $1,660 and $1,670.
Ethereum price still supported
Ethereum extended its retreat Below the $1,650 level. ETH traded even below the $1600 support area to move into a short-term downtrend.
However, the bulls were active near the $1,550 and $1,560 levels. The price remained stable above the 50% Fib retracement level of the upward move from the $1,354 swing low to $1,785 high. Ether price is now rising and is trading above the $1600 level.
There was a break above the 23.6% Fib retracement level of the downside move from the $1,785 high to $1,559 low. It is now trading above $1,620 and Simple moving average per 100 hours. There is immediate resistance on the upside near the $1,650 level.
Source: ETHUSD on TradingView.com
There is also a major bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. The first major resistance is near the $1,670 level. It is near the 50% Fib retracement level of the downside move from the $1,785 high to $1,559 low. A clear move above the $1,670 level could start a steady increase to $1,700. If the bulls continue to move, the price could rise towards the $1750 resistance area.
A new drop in ETH?
If Ethereum fails to rise above the $1,670 resistance, it may start to decline again. There is initial support on the downside near the $1,620 region.
The next major support is near $1,560, below which there is the risk of a sharp decline. In the aforementioned case, the price of Ether may decline towards the support level at $1,505 in the near term. Any further losses may require a test of the $1450 level.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $1,570
Key Resistance Level – $1,670