Ethereum remained well bid above the $1,465 level against the US Dollar. ETH might start a fresh upside if it closes above the $1,600 resistance.
Ethereum price remains supported
Ethereum has started a bearish correction below the $1,550 level. ETH even traded below the $1,500 support level, but the bulls were active near a major support. Read also: Falling Cryptocurrency Prices: Here’s Why You Shouldn’t Care.
It tested the $1,465 zone and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $1,520 on the hourly chart of ETH/USD. The pair remained above the key support zone of $1,465 and started another rise.
Ether price broke above the $1,550 resistance zone. It broke above the 50% Fib retracement level of the downside correction from the $1,622 high to $1,464 low.
The price is now trading above $1,500 and the 100 hourly simple moving average. An immediate upside resistance is found near the $1,585 level. It is near the 76.4% Fib retracement level of the downside correction from the $1,622 high to the $1,464 low.
The first major resistance is near the $1600 area. The main breakout zone is now forming near the $1,620 area. A clear move above the $1,620 level could trigger another big upside. The next key barrier is near the $1700 level, above which the price may rise towards the $1800 resistance zone.
More losses in ETH?
If Ethereum fails to break above the resistance at $1,585, it could continue to decline. This may interest you: Ethereum falls from $2K, why the SMA of 100 could cause a further rise.. An initial downside support can be found near the $1,520 area and the trendline.
A clear move below the trendline support could push the price towards the $1,465 support zone. Any further losses might even push the Ether price towards the $1,375 support.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major resistance level – $1,585.
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