• Ethereum started a fresh increase above the $1,620 resistance against the US Dollar.
• The bulls were able to push the price above the $1,640 resistance and a high was formed near $1,658.
• If ether fails to clear the $1,665 resistance, it could start a downside correction towards $1,600 and $1,550 support levels.
Ethereum Price Increase
Ethereum started another increase above the $1,620 resistance against the US Dollar. The price is now trading above $1,620 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
Upside Break Above Resistance
The bulls were able to pump the price above the $1,640 resistance. A high was formed near $1,658 and the price is now consolidating gains. Ether price is now trading above $1,620 and the 100 hourly simple moving average. It is trading near the 23.6% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high. An immediate resistance is near the $1,655 level and next major resistace lies at aroundthe$1665 mark.
Rally Above Key Level
If ethereum clears this key level then it could spark off a decent rally as Ethereum may perhaps rise towardsthe$1720resistancelevelandfurtherupto$1800levelincaesofstrongbullishmomentuminthemarketplace .
Downside Correction
If Ethereum fails to clear this key level then it could start its downside correction towards initial support at aroundthe$1620leveloritstrendlinebreakpointfollowedbynextmajor support at aroundthe$1600levelorthe50%Fibretracementleveloftheupwardmovefromthe$1557swinglowto$1658high .
Technical Indicators
Hourly MACD for ETH/USD is now gaining momentum in bullish zone while Hourly RSI for ETH/USD is now also above 50 level which indicates more upside potential in Ethereum’s future movements in coming days .