Ethereum Price Consolidation Hints at Strength—Is a Move Higher Coming?
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.
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 MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,610
Major Resistance Level – $1,660
