Ethereum prices have begun a new increase beyond the $1,600 zone. ETH is currently up nearly 15% and could attempt to move beyond the $1,680 zone.
- Ethereum has begun a decent increase above the $1,550 and $1,600 levels.
- The price is trading above $1,550, and is a simple moving average of 100 hours.
- On the ETH/USD hourly chart (data feed via Kraken), there was a break above the key bearish trend line with resistance.
- The pair will test a $1,680 resistance zone and may correct some profits.
Ethereum prices rise above 12%
Ethereum prices have formed a base of over $1,380 and have begun new growths, like Bitcoin. ETH has increased the pace for movements above the $1,450 and $1,500 resistance levels.
The Bulls even pumped out prices beyond the $1,550 zone. The ETH/USD hourly chart had a break above a key bearish trendline with resistance of $1,470. The pair cleared the $1,620 resistance zone. The high was formed at $1,687, and the price is currently integrated beyond the rising level above the 23.6% FIB retracement level from a swing of $1,384 to a height of $1,687.
Ethereum prices are currently trading above $1,550, a simple moving average of 100 hours. The advantage is that the price appears to be facing a hurdle close to the $1,650 level.
The next important resistance is close to the $1,680 level. The first major resistance is close to the $1,720 level. A clear move above the $1,720 resistance could potentially send the price towards the $1,750 resistance. An upward break above the $1,750 resistance could require more profits in future sessions. If stated, ether could rise towards a resistance zone of $1,850, and even in the short term, $1,880.
Is ETH restricted?
If Ethereum fails to clear the $1,650 resistance, it may begin to fix the negative side. The initial support for the downside is close to the $1,615 level. The first major support is near the $1,580 zone.
A clear move below the $1,580 support could push the price down to a $1,535 support and an upward movement of 50% FIB retracement level from $1,384 to $1,687. Any further losses could send prices towards a support level of $1,480 in the short term. The following key support is $1,420.
Technical indicators
Timely MACD – ETH/USD's MACD is gaining momentum in the bullish zone.
Hourly RSI – ETH/USD's RSI is over 50 zones.
Key Support Levels – $1,535
Major Resistance Levels – $1,650
