- Ethereum price is moving higher above the $1,600 resistance against the US Dollar.
- ETH price is now trading above $1,600 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $1,625 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,600 support zone.
Ethereum price is rising above the $1,600 level against the US Dollar. ETH/USD could rise further if it clears the $1,660 resistance zone.
Ethereum Price Analysis
In the past few sessions, Ethereum saw a decent increase above the $1,600 level against the US Dollar. ETH price was able to gain pace for a move above the $1,620 level and the 55 simple moving average (4 hours).
The bulls even pushed the price above the $1,650 resistance zone. A high is formed near $1,669 and the price is now consolidating gains. It is trading above the $1,620 level. It is testing the 23.6% Fib retracement level of the upward wave from the $1,530 swing low to the $1,669 high.
Ether’s price is showing positive signs above $1,600 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $1,625 on the 4-hour chart.
Immediate resistance on the upside is near the $1,660 level. The next major resistance is near the $1,720 zone. A clear move above the $1,720 level could send the price toward $1,800. Any more gains could even send the price toward the $1,880 resistance zone or $2,000 in the near term.
On the downside, initial support is near the $1,625 level and the trend line. The next major support is now near the $1,600 level or the 50% Fib retracement level of the upward wave from the $1,530 swing low to the $1,669 high.
A break below the $1,600 support could push the price to $1,530. Any more losses could lead the price towards $1,450.
Looking at the chart, Ethereum’s price is trading above the $1,620 zone and the 55 simple moving average (4 hours). Overall, Ether’s price could climb further if it stays above the $1,600 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.
Key Support Levels – $1,620, followed by the $1,600 zone.
Key Resistance$ Levels – $1,660 and $1,720.
