TA: Ethereum Eyes Fresh Rally If It Clears This Key Breakout Zone

Ethereum remained supported above the $1,550 zone against the US Dollar. ETH is rising and might gain pace if there is a clear move above the $1,670 level.

Ethereum found support near $1,560 and started a fresh increase. 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 fresh rally if there is a clear move above $1,660 and $1,670.

Ethereum Price Remains Supported

Ethereum extended its decline below the $1,650 level. ETH even traded below the $1,600 support zone to move into a short-term bearish zone.

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 trading above the $1,600 level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

There was a break above the 23.6% Fib retracement level of the downward move from the $1,785 high to $1,559 low. It is now trading above $1,620 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,650 level.

Ethereum-3.png

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 downward 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 remain in action, the price may perhaps rise towards the $1,750 resistance zone.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Get 110 USDT Futures Bonus for FREE!

Fresh Decline in ETH?

If ethereum fails to rise above the $1,670 resistance, it could start another decline. An initial support on the downside is near the $1,620 zone.

The next major support is near $1,560, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,505 support in the near term. Any more losses might call for a test of the $1,450 level.

Technical Indicators

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,570

Major Resistance Level – $1,670

Source Link

« Previous article $2B in crypto stolen from cross-chain bridges this year: Chainalysis
Next article » Bitcoin may behave more like US Treasury bonds: Bloomberg Intelligence