Ethereum price is correcting gains below the ,650 level against the US Dollar. ETH price is now trading near ,630 and the 55 simple moving average (4-hours). There is a key contacting triangle forming with support near ,610 on the 4-hours chart (data feed from Coinbase). The pair could climb further if it stays above the ,600 support zone. Ethereum price is consolidating above the ,600 level against the US Dollar. ETH/USD could rise further if it clears the ,660 resistance zone. Ethereum Price Analysis In the past few days, ethereum saw a decent increase above the ,600 level against the US Dollar. ETH price was able to gain pace for a move above the ,620 level and the 55 simple moving average (4-hours). The bulls even cleared the ,680 resistance
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- Ethereum price is correcting gains below the $1,650 level against the US Dollar.
- ETH price is now trading near $1,630 and the 55 simple moving average (4-hours).
- There is a key contacting triangle forming with support near $1,610 on the 4-hours chart (data feed from Coinbase).
- The pair could climb further if it stays above the $1,600 support zone.
Ethereum price is consolidating above the $1,600 level against the US Dollar. ETH/USD could rise further if it clears the $1,660 resistance zone.
Ethereum Price Analysis
In the past few days, ethereum saw a decent increase above the $1,600 level against the US Dollar. ETH price was able to gain pace for a move above the $1,620 level and the 55 simple moving average (4-hours).
The bulls even cleared the $1,680 resistance zone. However, the bears were active near the $1,715 and $1,720 levels. A high was formed near $1,714 and the price saw a downside correction. There was a move below the $1,680 and $1,650 levels.
There was a move below the 50% Fib retracement level of the upward move from the $1,534 swing low to $1,714 high. The price is now trading near $1,630 and the 55 simple moving average (4-hours).
There is also a key contacting triangle forming with support near $1,610 on the 4-hours chart. An immediate resistance on the upside is near the $1,640 level. The next major resistance is near the $1,660 zone and the triangle upper trend line.
A clear move above the $1,660 level could send the price towards $1,720. 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 $1,610 level and the triangle trend line. The next major support is now near the $1,600 level or the 61.8% Fib retracement level of the upward move from the $1,534 swing low to $1,714 high.
A break below the $1,600 support could push the price to $1,500. Any more losses could lead the price towards $1,440 or even $1,320 in the coming days.
Ethereum Price
Looking at the chart, Ethereum price is clearly trading near the $1,630 zone and the 55 simple moving average (4-hours). Overall, ether price could climb further if it stays above the $1,600 support zone.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 50 level.
Key Support Levels – $1,600, followed by the $1,500 zone.
Key Resistance$ Levels – $1,660 and $1,700.