Ethereum is showing positive signs above the $1,550 zone against the US Dollar. ETH could start a fresh rally unless it breaks the $1,550 support zone.
Ethereum is consolidating and is showing positive signs above the $1,550 support zone. The price is now trading above $1,550 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh surge if it clears the $1,600 and $1,620 levels.Ethereum Price Remains Supported For Gains
Ethereum remained well bid after it started a downside correction from the $1,665 zone. ETH declined below the $1,580 level, but the bulls were active near the $1,550 level.
The price tested the key 61.8% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. The bulls defended more losses below the $1,550 support zone and the 100 hourly simple moving average. It is now back above the $1,580 level and is consolidating.
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Source: ETHUSD on TradingView.com
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Downside Break in ETH?
If ethereum fails to climb above the $1,600 resistance, it could slowly move lower. An initial support on the downside is near the $1,570 level and the 100 hourly simple moving average.
The first major support is near the $1,550 level. A downside break below the $1,550 zone might call for a test of the 76% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. Any more losses may perhaps send the price towards the $1,485 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,550
Major Resistance Level – $1,600
