Ethereum price started a fresh increase above the $1,620 zone. ETH is now consolidating gains and might aim for more gains above $1,680.
- Ethereum started a decent increase above the $1,600 and $1,620 levels.
- The price is trading above $1,625 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it clears the $1,680 resistance zone.
Ethereum Price Eyes More Gains
Ethereum price formed a base above $1,520 and started a fresh increase, similar to Bitcoin. ETH gained momentum, moving above the $1,580 and $1,600 resistance levels.
The buying activity drove the price above the $1,650 zone, forming a high at $1,690. However, a recent downside correction took the price below the $1,640 support zone, crossing under the 50% Fib retracement level of the ascent from the $1,562 swing low to the $1,690 high.
Despite this setback, bullish activity has emerged near the $1,620 zone, with Ethereum trading above $1,625 and the 100-hourly Simple Moving Average. Additionally, a new bullish trend line has formed with support at $1,625 on the hourly chart of ETH/USD.
On the upside, Ethereum faces resistance near the $1,660 level, with the next significant target being the $1,680 level. Beyond this, the first substantial resistance lies at $1,690. A decisive move above the $1,690 threshold could propel the price towards the $1,750 resistance.
Should Ethereum break past the $1,750 resistance, we could see further growth in the coming sessions, potentially targeting the $1,800 resistance zone or even climbing towards $1,880 in the near future.
Could Ethereum Face Another Decline?
However, if Ethereum fails to breach the $1,660 resistance, it may initiate a downside correction. The initial support on this downward trend is near the $1,620 level, with the first major support located close to the $1,610 zone and the 61.8% Fib retracement level of the upward movement from $1,562 to $1,690.
A clear dip below the $1,610 support could push the price down toward the $1,575 mark. Additional losses may lead to a test of the $1,550 support level, with the next critical support resting at $1,500.
Technical Indicators
- Hourly MACD: The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI: The RSI for ETH/USD remains above the 50 mark.
- Major Support Level: $1,610
- Major Resistance Level: $1,660
