Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price is attempting an upside correction above $1,500 against the US Dollar. ETH could start another decline if there is no increase above $1,600.
- Ethereum is slowly moving higher above the $1,500 resistance.
- The price is now trading above $1,510 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,515 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $1,600 resistance zone.
Ethereum Price Breaks Barrier
Ethereum price formed a decent support base above the $1,460 level. ETH started a steady increase after the US CPI release, similar to bitcoin. There was a clear move above the $1,500 resistance zone.
Besides, there was a break above a major bearish trend line with resistance near $1,515 on the hourly chart of ETH/USD. The pair even spiked above the $1,560 resistance zone. A high is formed near $1,569 and the price is now consolidating gains.
Ether price is now trading above $1,510 and the 100 hourly simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $1,464 swing low to $1,569 high.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,570 level. The next major resistance is near the $1,600 zone. An upside break above the $1,600 resistance zone could start a steady uptrend. In the stated case, the price may perhaps rise towards the $1,640 resistance. The next major resistance is near the $1,700 level.
Fresh Decline in ETH?
If ethereum fails to clear the $1,570 resistance or the $1,600 barrier, it could start another decline. An initial support on the downside is near the $1,530 level and the 100 hourly SMA.
The next major support is near the $1,500 zone or the 61.8% Fib retracement level of the upward move from the $1,464 swing low to $1,569 high. If there is a break below $1,500, the price might continue to drop and move towards the $1,460 support. Any more losses might call for a test of the $1,400 level.
Technical Indicators
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 – $1,500
Major Resistance Level – $1,600
