The price of Ethereum is looking for a break above $1,650 against the US dollar on the upside. To initiate a new increase in the near future, ETH must maintain a value above $1,600.
From the $1,620 support area, Ethereum is gradually rising.
The 100-hourly Simple Moving Average and the price are both above $1,632.
On the hourly chart of ETH/USD, a connecting bullish trend line is forming with support near $1,622 (data feed via Kraken).
If the pair closes above the $1,650 resistance, it could begin a steady rise.
Several swing moves below the $1,650 resistance level occurred in the price of Ethereum. Even though ETH reached $1,665, bears continued to be active. The price retested the $1,600 support level after a new decline.
Like Bitcoin, it is moving higher once more above $1,620. Ether is currently above the 100-hourly Simple Moving Average and $1,632. In addition, the hourly chart of ETH/USD reveals the formation of a connecting bullish trend line with support near $1,622.
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The price may encounter support near the $1,645 level on the upside. It is near the 50% Fib retracement level of the recent decline from the swing high of $1,668 to the low of $1,624
The next level of resistance is close to $1,650, or the 61.8% Fib retracement level of the recent drop from the $1,668 swing high to the $1,624 low. If the price breaks through this level, it could move toward the $1,665 level. The next significant obstacle is close to the $1,700 mark.
Ethereum’s price could rise even further if the market closes above $1,700. The next level of resistance could be close to $1,750. The price could move toward the $1,800 resistance with any additional gains.
ETH’s decline continues?
Ethereum could begin a new decline if it fails to break through the $1,650 barrier. On the downside, the 100-hourly Simple Moving Average and the $1,630 level provide initial support.
The trend line and close to $1,620 provide the primary support. $1,600 is the next important support. Bears could take control if they break below $1,600 on the downside. The $1,580 level is near the next major support. The price may return to the crucial $1,540 support level if a downside break occurs below $1,580.
Technical Indicators Hourly MACD: The MACD for ETH/USD is gradually moving into the bullish zone.
The hourly RSI for ETH/USD is currently above the 50 level.
The major resistance level is $1,650, and the major support level is $1,600.