Ethereum Price Holds Strong at $1,500: A Strengthening Case for Upside

Ethereum gained pace and broke the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might eye more upsides above $1,600. Ethereum is showing positive signs above the $1,500 and $1,520 levels. The price is now trading above $1,520 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $1,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rally again if there is a clear move above $1,560 and $1,580. Ethereum Price Eyes Fresh Increase Ethereum gained pace after it broke the $1,400 and $1,420 resistance levels. ETH even cleared the $1,500 level and settled above the 100 hourly simple moving average. The price surged towards the $1,600 level and remained well bid. A high was formed near $1,593 before there was a downside correction. There was a move below the $1,580 level. Ether price even tested the 23.6% Fib retracement level of the upward move from the $1,339 swing low to $1,593 high. It is now trading above $1,520 and the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $1,560 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $1,560 level and the triangle trend line. The first major resistance is near the $1,580 and $1,585 levels. The main barrier is now near the $1,600 zone. A clear upside break above the $1,600 resistance zone could open the doors for a strong increase. In the stated case, the price might climb towards the $1,750 level. Dips Limited in ETH? If ethereum fails to climb above the $1,580 resistance, it could start a downside correction. An initial support on the downside is near the $1,525 level and the triangle zone. The next major support is near the $1,460 and $1,450 levels. It is near the 50% Fib retracement level of the upward move from the $1,339 swing low to $1,593 high. A downside break below the $1,450 zone might start a fresh decline to $1,400 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,450 Major Resistance Level – $1,580
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Author: toutiao