Ethereum has started a new rise above the $1,600 resistance level against the dollar. ETH is gaining momentum and it may soon reach the $1,650 level.
Ethereum attempted but failed to break above the $1,605 barrier. Below $1,560 and $1,550, there was a sharp bearish reaction.
According to price analysis, The price of ether fell below $1,520 and the 100 hourly simple moving average. The bulls, on the other hand, were active at the $1,500 and $1,480 levels. The price has now risen after reaching a low near $1,474. A clear move above $1,550 and the 100 hourly simple moving average happened.
The price has gone up above the 78.6% Fib retracement level of the recent drop from the $1,620 swing high to the $1,474 low. It is currently consolidating near the $1,600 level. On the hourly chart of ETH/USD, a key rising channel is forming with support near $1,510.
It is facing resistance at the $1,620 and $1,635 levels. The stated resistance is near the 1.236 Fib extension level of the recent fall from the $1,620 swing high to the $1,474 low. The next major resistance is now forming near the $1,650 level.
A clear break above $1,650 might push the price towards $1,700 resistance. Any further rises might open the door for a challenge of the $1,750 resistance in the near term.
If ethereum fails to break over the $1,620 resistance, it may fall further. On the downside, initial support is near $1,560.
The next major support is near $1,540, as well as the 100 hourly simple moving average, below which the ether price begins to decline. In the aforementioned scenario, the price may fall to $1,520. Any further losses might push the price down to $1,480.
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KEY LEVELS :
RESISTANCE LEVEL : $1650-$1720
SUPPORT LEVEL : $1560-$1500