- Ethereum price is moving higher above the $1,620 resistance against the US Dollar.
- ETH price is now trading above $1,600 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $1,625 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,600 support zone.
Ethereum price is consolidating above the $1,620 level against the US Dollar. ETH/USD could rise further if it clears the $1,740 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,560 level against the US Dollar. ETH price was able to gain pace for a move above the $1,600 level and the 55 simple moving average (4-hours).
The bulls even pushed the price above the $1,620 resistance zone. There was a break above a major bearish trend line with resistance near $1,625 on the 4-hours chart. The price even settled above the 76.4% Fib retracement level of the downward move from the $1,678 swing high to $1,369 low.
It is now consolidating above $1,600 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $1,725 level. The next major resistance is near the $1,740 zone and the last swing high or the 1.236 Fib extension level of the downward move from the $1,678 swing high to $1,369 low.
A clear move above the $1,740 level could send the price towards $1,850. Any more gains could even send the price towards the $1,950 resistance zone or $2,000 in the near term.
On the downside, an initial support is near the $1,610 level and the trend line. The next major support is now near the $1,550 level. A break below the $1,550 support could push the price to $1,500. Any more losses could lead the price towards $1,440 or even $1,400 in the coming days.
Looking at the chart, Ethereum price is clearly trading above the $1,620 zone and the 55 simple moving average (4-hours). Overall, ether 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 – $1,610, followed by the $1,550 zone.
Key Resistance$ Levels – $1,725 and $1,740.
