Ethereum Price Analysis: ETH Aims Fresh Increase Above $1,700
Ethereum price is consolidating above the $1,580 level against the US Dollar. ETH/USD could rise further if it clears the $1,660 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a downside correction from the $1,740 zone against the US Dollar. ETH price declined below the $1,700 level and the 55 simple moving average (4-hours).
The bears even pushed the price below the $1,650 level. There was a clear move below the 50% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high. The price even spiked below the $1,600 support zone.
It is now trading below $1,650 and the 55 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $1,660 on the 4-hours chart.
An immediate resistance on the upside is near the $1,650 level. The next major resistance is near the $1,660 zone and the trend line. A clear move above the $1,660 level could send the price towards $1,700. Any more gains could even send the price towards the $1,750 resistance zone or $1,800 in the near term.
On the downside, an initial support is near the $1,600 level. The next major support is now near the $1,570 level or the 61.8% Fib retracement level of the upward wave from the $1,462 swing low to $1,742 high.
A break below the $1,570 support could push the price to $1,500. Any more losses could lead the price towards $1,420 or even $1,400 in the coming days.
Looking at the chart, Ethereum price is clearly trading below the $1,660 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,580 support zone.
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 above the 50 level.
Key Support Levels – $1,600, followed by the $1,570 zone.
Key Resistance$ Levels – $1,660 and $1,740.
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