Ethereum Price Remains Supported For A Fresh Increase Above $1,600

Ethereum is consolidating good points above $1,500 towards the US Greenback. ETH may begin one other improve and clear the $1,600 resistance zone within the close to time period.

• Ethereum is exhibiting optimistic indicators above the $1,500 and $1,520 resistance ranges.
• The worth is now buying and selling above $1,550 and the 100 hourly easy shifting common.
• There’s a connecting bullish development line forming with help close to $1,570 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair may rise additional until there’s a draw back break beneath the $1,515 help.

Ethereum Worth Eyes One other Enhance

Ethereum worth remained steady above the $1,500 resistance. ETH made one other try to clear the $1,600 resistance zone, just like bitcoin at $21,500.

Nonetheless, the bears have been energetic close to the $1,600 resistance zone. A excessive is shaped close to $1,607 and the value is now consolidating good points. There was a minor decline beneath the 50% Fib retracement degree of the upward transfer from the $1,541 swing low to $1,607 excessive.

The worth is now exhibiting optimistic indicators above the $1,540 help. It even remained steady above the 61.8% Fib retracement degree of the upward transfer from the $1,541 swing low to $1,607 excessive.

Ether worth is now buying and selling above $1,550 and the 100 hourly easy shifting common. There may be additionally a connecting bullish development line forming with help close to $1,570 on the hourly chart of ETH/USD. A direct resistance is close to the $1,600 degree. The subsequent main resistance is close to the $1,620 degree. An upside break above the $1,620 resistance zone may begin a contemporary improve.

Supply: ETHUSD on TradingView.com

Within the said case, the value might maybe rise in the direction of the $1,700 resistance. Any extra good points would possibly ship the value in the direction of $1,720 and even $1,750 within the close to time period.

Dips Restricted in ETH?

If ethereum fails to clear the $1,600 resistance, it may begin a draw back correction. An preliminary help on the draw back is close to the $1,575 degree and the development line.

The subsequent main help is close to the $1,550 degree. If there’s a transfer beneath $1,550, the value would possibly take a look at the $1,515 help. Any extra losses would possibly name for a take a look at of the $1,450 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 degree.

Main Help Stage – $1,540

Main Resistance Stage – $1,600