Ethereum Price Against USD Strengthens at $1,620

The Ethereum price is slowly moving upwards past the resistance zone around $1,620 against the US dollar. ETH should surpass $1,650 and $1,670 to continue moving to the highs in the near term. Ethereum Price Recovers Above $1,600

Based on the information we summarized directly from the tradingview.com site, the Ethereum price extended the decline below the support zone or support around $1,600. ETH tested the key support zone of $1,565, where bulls positions appeared. The low was formed around $1,558 and the price is now going up, just like BTC. There is a noticeable movement above the resistance zone, which is $1,600. In addition, there is also a breakout of the line on the main bearish trend with a resistance level near $1,615 seen on the hourly chart of the ETH/USD pair. It appears that the movement above the 61.8% Fib retracement level from the swing high of $1,671 to the swing low of around $1,558.

The Ethereum price is currently trading above $1,620 with a modest 100-hour moving average. The good news is that the price is facing resistance near the $1,645 level or the 76.4% Fib retracement level from the downward move at the swing high of $1,671 to the swing low of $1,558. The first major resistance is close to the $1,670 zone. The next major resistance is near the $1,700 zone. A close above the $1,700 resistance zone might start a steady rally towards the $1,800 level. Further gains could open the door for a move towards the $1,880 level. If ETH fails to clear the $1,760 resistance, it could start another downward correction. The initial support from the downside is near the $1,620 level. The next major support point is near the $1,585 zone. And if there is a break below $1,585, it is possible that the price will drop towards the $1,565 support level. Losses may require a test of the $1,500 level.

Ethereum Price Technical Indicators

MACD/Hour – The MACD for Ethereum against the US dollar is now losing momentum in the bullish zone. RSI/Hour – The RSI for Ethereum against the US dollar is now above the 50 level. Primary Support Level – $1,600 Major Resistance Level – $1,670

Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading.

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