Ethereum Price Accelerates Higher as The Bulls Aim $1,720

0

Ethereum climbed higher above the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might rise further towards the $1,650 level.

  • Ethereum started a fresh increase above the $1,450 and $1,500 resistance levels.
  • The price is now trading above $1,500 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,540 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further unless there is a downside correction below the $1,540 support.

Ethereum Price Signals Bullish

Ethereum price started a strong increase above the $1,400 resistance. ETH was able to clear the $1,450 resistance zone to move further into a positive zone, similar to bitcoin above $20,000.

The price even climbed above the $1,500 resistance zone. A high is formed near $1,584 and the price is now consolidating gains. Ether price is now trading above $1,500 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,540 on the hourly chart of ETH/USD.

The current price action is positive, and the price is trading above the 23.6% Fib retracement level of the upward move from the $1,505 swing low to $1,584 high.

An immediate resistance is near the $1,585 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could set the pace for more gains.

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send the price towards $1,720 or even $1,800 in the near term.

Dips Limited in ETH?

If ethereum fails to clear the $1,585 resistance, it could start a downside correction. An initial support on the downside is near the $1,550 level.

The next major support is near the $1,540 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $1,505 swing low to $1,584 high. If there is a move below $1,540, the price might test the $1,500 support. Any more losses might call for a test of the $1,420 zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,540

Major Resistance Level – $1,585

Read original article here

Denial of responsibility! Yours Bulletin is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave A Reply

Your email address will not be published.