- Ethereum price is consolidating gains above the $1,500 level against the US Dollar.
- ETH price is now trading below $1,600 and the 55 simple moving average (4-hours).
- There is a major contacting triangle forming with support near $1,540 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,440 support zone.
Ethereum price is consolidating above the $1,500 level against the US Dollar. ETH/USD could rise further if it clears the $1,600 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,550 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 cleared the $1,650 resistance zone. However, the bears were active near the $1,660 and $1,680 levels. A high was formed near $1,661 and the price saw a downside correction. There was a move below the $1,620 and $1,600 levels.
The price is now trading below $1,600 and the 55 simple moving average (4-hours). There is also a major contacting triangle forming with support near $1,540 on the 4-hours chart.
It traded as low as $1,534 and is currently consolidating. An immediate resistance on the upside is near the $1,600 level and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the recent decline from the $1,661 swing high to $1,534 low.
The next major resistance is near the $1,630 zone. It is close to the 76.4% Fib retracement level of the recent decline from the $1,661 swing high to $1,534 low.
Any more gains could even send the price towards the $1,750 resistance zone in the near term. On the downside, an initial support is near the $1,540 level. The next major support is now near the $1,500 level. The main support is near the $1,440 level.
A break below the $1,440 support could push the price to $1,320. Any more losses could lead the price towards $1,250 or even $1,220 in the coming days.
Looking at the chart, Ethereum price is clearly trading below the $1,600 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,440 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 below the 50 level.
Key Support Levels – $1,540, followed by the $1,440 zone.
Key Resistance$ Levels – $1,600 and $1,630.
