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Ethereum -price started an increase compared to the $ 1,550 zone. ETH is now rising and can try to restore the $ 1,650 resistance.
- Ethereum started a new increase above the levels of $ 1,580 and $ 1,600.
- The price acts above $ 1,600 and the 100-hour simple advancing average.
- There was a break over a connecting bearish trend line with resistance at $ 1,590 on the hourly table ETH/USD (data feed via Kraken).
- The couple can start a new increase if it knew the $ 1,650 resistance zone.
Ethereum Price eyes upside down Pause
Ethereum -Price remained stable above the level of $ 1500 and started a new increase, such as Bitcoin. ETH traded above the level of $ 1,550 and $ 1,600 to enter a positive zone in the short term.
There was a break over a connecting bearish trend line with resistance at $ 1,590 on the ETH/USD card per hour. The couple even knew the resistance of $ 1,620. A high was formed at $ 1,644 and the price is stable above the 23.6% FIB retracement level of the upward movement of the $ 1,566 swing low to $ 1,644 high.
Ethereum price is now traded above $ 1,600 and the 100-hour simple advancing average. At the top the price seems to have to do with obstacles near the level of $ 1,640. The next key resistance is near the level of $ 1,650. The first major resistance is near the $ 1,680 level.
A clear movement above the $ 1,680 resistance can send the price to $ 1,720 resistance. An upward break above the $ 1,720 resistance can request more profit in the coming sessions. In the indicated case, Ether could rise to the $ 1,800 resistance zone or even $ 1,840 in the short term.
Disadvantage correction in ETH?
If Ethereum did not know the resistance of $ 1,650, this can start a downward correction. The first support at the disadvantage is near the level of $ 1,620. The first major support is near the $ 1,605 zone and the 50% FIB retracement level of the upward movement of the $ 1,566 swing low to $ 1,644 high.
A clear movement under the support of $ 1,605 can push the price to $ 1,580 support. All losses can send the price in the short term to the support level of $ 1,550. The following key support is at $ 1500.
Technical indicators
Hour MacD – The MACD for ETH/USD is gaining force in the bullish zone.
Hour RSI – The RSI for ETH/USD is now above 50 zone.
Major support level – $ 1,600
Main resistance level – $ 1,650
