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Ethereum Price Breaks Higher, Why The Bears Are Not Done Yet

Ethereum Price Breaks Higher, Why The Bears Are Not Done Yet

Ethereum Price

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

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

Major Support Level – $1,500

Major Resistance Level – $1,600

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