Ethereum started a strong increase above the $1600 level against the US Dollar. ETH is up more than 15% and may clear the $1,700 resistance area.
- Ethereum started a significant increase above the $1,550 and $1,600 levels.
- The price is now trading above $1600 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1,450 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if there is a clear move above the $1,675 level.
Ethereum price jumps above $1600
Ethereum has formed a base above $1400 level And began to increase significantly. ETH managed to overcome some major hurdles near the $1,500 and $1,550 levels.
The price jumped more than 15% and even surpassed the $1600 level. There was a break above the major downtrend line with resistance near $1,450 on the hourly chart of ETH/USD. The pair rose sharply and surpassed the 76.4% Fib retracement level of the downside move from the $1,663 swing high to $1,357.
It even broke the $1650 level and is now trading near the $1,660 area. Ether price is now trading above $1600 and Simple moving average per 100 hours. There is an immediate resistance on the upside near the $1,675 level. The first major resistance is near the $1,700 area.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,735 area. It is near the 1.236 Fibonacci extension level of the downside move from the $1,663 swing high to $1,357. A clear move above the $1,735 level could push the price even higher. In the mentioned case, the price may rise towards the $1800 resistance area.
Support dips in ETH?
If Ethereum fails to rise above the resistance at $1,675, it may start a downside correction. There is initial support on the downside near the $1,620 region.
A clear move below the support level at $1,620 may trigger a move towards the $1,580 level. Any further losses could push the price to the $1510 support level or even the 100 hourly simple moving average in the near term.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now in the overbought territory.
Key Support Level – $1,620
Key Resistance Level – $1,675