Ethereum Price Could Take-off If It Clears This Key Resistance Zone
Ethereum is attempting a fresh increase above the $1,580 resistance against the US Dollar. ETH could gain bullish momentum if it clears the $1,610 resistance zone.
- Ethereum is slowly moving higher from the $1,530 support zone.
- The price is now trading below $1,600 and the 100 hourly simple moving average.
- There is a key rising channel forming with support at $1,575 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could attempt a fresh increase if there is a clear move above the $1,610 resistance.
Ethereum Price Faces Resistance
Ethereum price extended its decline below the $1,600 support zone. However, ETH bulls were active near the $1,550 level. A low was formed near $1,530 before the price started a decent increase, similar to bitcoin.
There was a break above the $1,565 and $1,580 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $1,660 swing high to $1,530 low. It even spiked above the $1,595 resistance and the 100 hourly simple moving average.
Ether price is now facing a strong resistance near the $1,600 zone and trading below the 100 hourly simple moving average. There is also a key rising channel forming with support at $1,575 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance is near the $1,595 level. It is close to the 50% Fib retracement level of the downward wave from the $1,660 swing high to $1,530 low. The next major resistance is near the $1,610 level. An upside break above the $1,610 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,660 resistance. Any more gains might send ether towards the $1,720 level.
Fresh Decline in ETH?
If ethereum fails to clear the $1,610 resistance, it could start a fresh decline. An initial support on the downside is near the $1,575 level and the channel trend line.
The next major support is near the $1,530 level. If there is a break below $1,530, the price might drop towards the $1,500 support. Any more losses might call for a test of the $1,450 zone in the near term.
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 Support Level – $1,530
Major Resistance Level – $1,610
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