Ethereum found support near the $1,520 zone against the US Dollar. ETH is attempting an upside correction and might eye a strong move towards $1,800.
- Ethereum remained well bid above the $1,520 level and corrected above $1,600.
- The price is now trading below $1,650 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a clear move above the $1,650 resistance.
Ethereum Price Faces Hurdle
Ethereum found support near the $1,520 zone. ETH bears made two attempts to push the price below the $1,520 support, but the bulls remained active.
A base was formed near $1,520 and the price started a decent increase. There was a move above the $1,580 and $1,600 levels. Ether price even spiked above the 23.6% Fib retracement level of the downward move from the $1,880 swing high to $1,524 low.
It is now trading below $1,650 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,625 on the hourly chart of ETH/USD.
The first major resistance is now forming near the $1,700 level. It is near the 50% Fib retracement level of the downward move from the $1,880 swing high to $1,524 low. A clear move above the $1,700 level could send the price further higher.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,800 level. A clear move above the $1,800 resistance could even push the price above the $1,850 resistance.
More Losses in ETH?
If ethereum fails to rise above the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,560 zone.
The next major support is near $1,520, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,480 level. Any more losses may perhaps open the doors for a move towards the $1,465 level.
Technical Indicators
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 – $1,525
Major Resistance Level – $1,650
