Ethereum gained bullish momentum for a move above $1,625 against the US Dollar. ETH is now showing positive signs and might soon test the $1,700 zone.
Ethereum is up close to 5% and there was a clear move above the $1,625 resistance.
The price is now trading above $1,600 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,580 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it stays above $1,600 or $1,580.
Ethereum Price Beats Bitcoin
Ethereum started a steady increase from the $1,535 support zone. ETH was able to clear the key $1,600 resistance and the 100 hourly simple moving average to move into a positive zone, unlike bitcoin.
The bulls were able to push the price above the $1,625 resistance. It gained nearly 5% and there was a test of the $1,675 zone. A high was formed at $1,675 and there was a minor downside correction. The price dipped below the $1,650 level.
Ether price declined below the 23.6% Fib retracement level of the recent increase from the $1,535 swing low to $1,675 high. It is now trading above $1,600 and the 100 hourly simple moving average.
There is also a major bullish trend line forming with support near $1,580 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,650 level. The next major resistance is now forming near the $1,675 level.
Source: ETHUSD on TradingView.com
A clear move above the $1,675 level might even push the price above the $1,700 resistance. The next major resistance sits near the $1,750 level. Any more gains may perhaps open the doors for a move towards the $1,800 resistance in the near term.
Dips Limited in ETH?
If ethereum fails to rise above the $1,650 resistance, it could start a downside correction. An initial support on the downside is near the $1,620 zone.
The next major support is near $1,600. It is near the 50% Fib retracement level of the recent increase from the $1,535 swing low to $1,675 high, below which ether price might test the trend line. Any more losses may perhaps send the price towards the $1,535 zone.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,675