Ethereum Price Consolidation Hints at Strength—Is a Move Higher Coming?

NewsBTC
Updated
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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, like Bitcoin. ETH gained pace for a move above the $1,580 and $1,600 resistance levels.


The bulls even pumped the price above the $1,650 zone. A high was formed at $1,690 and the price recently started a downside correction. There was a move below the $1,640 support zone. The price dipped below the 50% Fib retracement level of the upward move from the $1,562 swing low to the $1,690 high.


However, the bulls were active near the $1,620 zone. Ethereum price is now trading above $1,625 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $1,625 on the hourly chart of ETH/USD.


On the upside, the price seems to be facing hurdles near the $1,660 level. The next key resistance is near the $1,680 level. The first major resistance is near the $1,690 level. A clear move above the $1,690 resistance might send the price toward the $1,750 resistance.


Ethereum Price


An upside break above the $1,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,800 resistance zone or even $1,880 in the near term.


Another Decline In ETH?


If Ethereum fails to clear the $1,660 resistance, it could start a downside correction. Initial support on the downside is near the $1,620 level. The first major support sits near the $1,610 zone and the 61.8% Fib retracement level of the upward move from the $1,562 swing low to the $1,690 high.


A clear move below the $1,610 support might push the price toward the $1,575 support. Any more losses might send the price toward the $1,550 support level in the near term. The next key support sits at $1,500.


Technical Indicators


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


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


Major Support Level – $1,610


Major Resistance Level – $1,660

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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