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 started a fresh increase above the $1,450 and $1,500 resistance levels.
- The price is now trading above $1,500 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further unless there is a downside correction below the $1,540 support.
Ethereum Price Signals Bullish
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.
Dips Limited in ETH?
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.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