Ethereum prices have started to rise from the $1,550 zone. ETH is currently on the rise and may try to recover beyond the $1,650 resistance.
- Ethereum has begun new increases above the $1,580 and $1,600 levels.
- The price is trading above $1,600, and is a simple moving average of 100 hours.
- On ETH/USD (data feed via Kraken), there was a break above the connected bearish trendline with $1,590 resistance on the hourly chart.
- The pair could begin a new increase once they clear the $1,650 resistance zone.
Ethereum price eye upside down
Ethereum prices remained stable above $1,500, and began new increases, like Bitcoin. ETH was traded above the $1,550 and $1,600 levels to enter the short-term positive zone.
The ETH/USD hourly wage chart showed resistance at $1,590 and a break above the bearish trendline connecting. The pair cleared a $1,620 resistance. The highs form at $1,644, and the price is stable above the 23.6% FIB retracement level from the $1,566 swing low to $1,644.
Ethereum prices are currently trading above $1,600, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle close to the $1,640 level. The next important resistance is close to the $1,650 level. The first major resistance is close to the $1,680 level.
A clear move above the $1,680 resistance could turn the price towards the $1,720 resistance. Upside down above the $1,720 resistance may require more profits in future sessions. If stated, ether could rise towards a $1,800 resistance zone, or even a short term $1,840.
ETH defect correction?
If Ethereum fails to clear the $1,650 resistance, it may begin to fix the negative side. The initial support for the downside is close to the $1,620 level. The first major support is near the $1,605 zone and 50% FIB retracement level, with an upward movement from a $1,566 swing to $1,644.
A clear move below the $1,605 support could push the price up to $1,580 support. Any further losses could send prices towards a support level of $1,550 in the short term. The following key support is $1,500:
Technical indicators
Timely MACD – ETH/USD’s MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD’s RSI is over 50 zones.
Key Support Levels – $1,600
Major Resistance Levels – $1,650
