- Ethereum price is eyeing an upside break above the $1,640 resistance against the US Dollar.
- ETH price is now trading above $1,575 and the 55 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $1,560 on the 4-hour chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,560 support zone.
Ethereum price is consolidating above the $1,560 level against the US Dollar. ETH/USD could rise again if it clears the $1,640 resistance zone.
Ethereum Price Analysis
In the past few days, Ethereum saw a bearish wave from the $1,750 zone against the US Dollar. ETH price declined below the $1,640 level and the 55 simple moving average (4 hours).
The bears even pushed the price below the $1,600 level. A low was formed near $1,520 and the price is now attempting a fresh increase. There was a move above the $1,550 resistance level. The price also broke the $1,560 resistance level.
Besides, there was a break above a major bearish trend line with resistance near $1,560 on the 4-hour chart. There was a move above the 23.6% Fib retracement level of the main decline from the $1,755 swing high to the $1,520 low.
However, it is still struggling near $1,640. It is now trading above $1,560 and the 55 simple moving average (4 hours). On the downside, initial support is near the $1,575 level.
The next major support is now near the $1,560 level. A break below the $1,560 support could push the price to $1,520. Any more losses could lead the price toward $1,440 or even $1,400 in the coming days.
Immediate resistance on the upside is near the $1,600 level. The next major resistance is near the $1,640 zone. A clear move above the $1,640 level could send the price toward $1,665. Any more gains could even send the price toward the $1,750 resistance zone or $1,820 in the near term.
Looking at the chart, Ethereum price is clearly trading above the $1,560 zone and the 55 simple moving average (4 hours). Overall, Ether price could climb again if it stays above the $1,560 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing 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 – $1,575, followed by the $1,560 zone.
Key Resistance$ Levels – $1,640 and $1,665.
