Ethereum climbed higher above the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might rise further towards the $1,650 level.
Ethereum price started a strong increase above the $1,400 resistance. ETH was able to clear the $1,450 resistance zone to move further into a positive zone, similar to bitcoin above $20,000.
The price even climbed above the $1,500 resistance zone. A high is formed near $1,584 and the price is now consolidating gains. Ether price is now trading above $1,500 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,540 on the hourly chart of ETH/USD.
The current price action is positive, and the price is trading above the 23.6% Fib retracement level of the upward move from the $1,505 swing low to $1,584 high.
An immediate resistance is near the $1,585 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could set the pace for more gains.
Source: ETHUSD on TradingView.com
In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send the price towards $1,720 or even $1,800 in the near term.
If ethereum fails to clear the $1,585 resistance, it could start a downside correction. An initial support on the downside is near the $1,550 level.
The next major support is near the $1,540 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $1,505 swing low to $1,584 high. If there is a move below $1,540, the price might test the $1,500 support. Any more losses might call for a test of the $1,420 zone.
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 – $1,540
Major Resistance Level – $1,585
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
Crypto Prices from Nomics
© 2022 NewsBTC. All Rights Reserved.
© 2022 NewsBTC. All Rights Reserved.
Ethereum Price Accelerates Higher as The Bulls Aim $1,720 – newsbtc.com
