Ethereum Price Analysis: Bulls Aim More Gains Above $1,600

• Ethereum price is gaining pace above the $1,500 level against the US Dollar.
• ETH price is now trading above $1,450 and the 55 simple moving average (4-hours).
• There is a key declining channel forming with resistance near $1,605 on the 4-hours chart (data feed from Coinbase).
• The pair could climb further if it clears the $1,650 resistance zone.

Ethereum price is rising above the $1,400 level against the US Dollar. ETH/USD could rise further if it clears the $1,650 resistance zone.

Ethereum Price Analysis

This past week, ethereum saw a strong increase above the $1,300 level against the US Dollar. ETH price was able to gain pace for a move above the $1,400 level and the 55 simple moving average (4-hours).

The upward move was such that the price broke the $1,500 resistance. It traded as high as $1,664 before there was a downside correction. There was a minor move below the $1,600 level. The price declined below the 50% Fib retracement level of the upward move from the $1,479 swing low to $1,664 high.

However, the bulls were active near the $1,550 support zone. It tested the 61.8% Fib retracement level of the upward move from the $1,479 swing low to $1,664 high.

The price is now trading above $1,450 and the 55 simple moving average (4-hours). The price is now consolidating gains near the It is now facing sellers near the $1,580 and $1,600 levels. There is also a key declining channel forming with resistance near $1,605 on the 4-hours chart.

The next major resistance is near the $1,650 zone. Any more gains could even send the price towards the $1,800 resistance zone in the near term. On the downside, an initial support is near the $1,550 level.

The next major support is now near the $1,500 level. A break below the $1,500 support could push the price to $1,350. Any more losses could lead the price towards $1,220, below which there is a risk of a larger decline in the coming days.

Ethereum Price

Looking at the chart, Ethereum price is clearly trading above the $1,420 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it clears the $1,650 resistance zone.

Technical indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 50 level.

Key Support Levels – $1,550, followed by the $1,500 zone.

Key Resistance$ Levels – $1,600 and $1,650.

Tags: ETH, Ethereum