Ethereum price moving higher above the $1,640 resistance zone against the US Dollar. ETH must surpass $1,660 and $1,700 to gain bullish momentum.
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- Ethereum is rising and trading near the $1,660 resistance zone.
- The price is trading above $1,640 and the 100 hourly simple moving average.
- There was a break above a major declining channel with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally if there is a clear move above the $1,660 and $1,700 resistance levels.
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Ethereum Price Recovers
Ethereum price declined again below the $1,620 level, but the bulls were active near the $1.600 support zone. ETH traded as low as $1,597 and recently started a fresh increase, similar to bitcoin.
The price climbed above the $1,620 and $1,630 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $1,665 swing high to $1,597 low. Besides, there was a break above a major declining channel with resistance near $1,640 on the hourly chart of ETH/USD.
Ether price is now trading above $1,640 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $1,665 swing high to $1,597 low.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,665 level. The first major resistance is near the $1,680 zone. The next major resistance is near the $1,700 zone. A close above the $1,700 resistance zone might start a steady increase towards the $1,740 level. Any more gains might open the doors for a move towards the $1,800 level.
Fresh Decline in ETH?
If ethereum fails to clear the $1,665 resistance, it could start another decline. An initial support on the downside is near the $1,640 level.
The next major support is near the $1,600 zone. If there is a break below $1,600, the price might gain bearish momentum and decline towards the $1,565 support. Any more losses might call for a test of the $1,500 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,665
