Ethereum consolidates above $1,550 towards the US Greenback. ETH might rally if there’s a clear transfer above the $1,620 resistance zone.

• Ethereum is trading in a constructive zone above the $1,520 and $1,500 assist ranges.
• The worth is now trading above $1,550 and the 100 hourly easy transferring common.
• There’s a key bullish development line forming with assist close to $1,560 on the hourly chart of ETH/USD (knowledge feed by way of Kraken).
• The pair might begin one other rise if it stays above the $1,550 and $1,530 assist ranges.

Ethereum value sees contemporary surge

Ethereum made an try to realize energy above the $1,620 resistance and the 100 hourly easy transferring common. Nonetheless, ETH didn’t stay secure above $1,620.

A high was fashioned at $1,648 and value pared positive aspects. There was a drop beneath the $1,580 and $1,550 ranges. A low is forming close to $1,535 and the worth is now rising. There was a transfer above the $1,550 resistance. Ether value broke the 23.6% Fib retracement level of the current decline from the $1,648 high to $1,535 low.

It’s now trading above $1,550 and the 100 hourly easy transferring common. There may be additionally a key bullish development line forming with assist close to $1,560 on the hourly chart of ETH/USD.

Quick resistance on the upside is close to $1,600. It’s close to the 50% Fib retracement level of the current decline from the $1,648 high to $1,535 low. The following main resistance is now forming close to $1,620.

Supply: ETHUSD on TradingView.com

A transparent transfer above $1,650 might ship the worth in the direction of the $1,650 resistance. Additional positive aspects would possibly maybe open the doorways for a transfer in the direction of the $1,700 resistance within the close to time period.

ETH decline once more?

If Ethereum fails to scale above the $1,600 resistance, it might provoke one other decline. Preliminary assist on the draw back is close to the $1,560 zone and the 100 hourly SMA.

The following main assist lies at $1,535, beneath which Ether value might revisit $1,500. Additional losses would possibly maybe ship the worth in the direction of the $1,420 zone.

Technical indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum within the bullish zone.

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

Higher assist level – $1,535

Important resistance level – $1,600