Ethereum Price Accelerates Higher as The Bulls Aim $1,720

Ethereum climbed higher above the $1,500 resistance zone against the US Dollar. ETH is consolidating gains and might rise further towards the $1,650 level.

• Ethereum started a fresh increase above the $1,450 and $1,500 resistance levels.
• The price is now trading above $1,500 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $1,540 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could rise further unless there is a downside correction below the $1,540 support.

Ethereum price started a strong increase above the $1,400 resistance. ETH was able to clear the $1,450 resistance zone to move further into a positive zone, similar to bitcoin above $20,000.

The price even climbed above the $1,500 resistance zone. A high is formed near $1,584 and the price is now consolidating gains. Ether price is now trading above $1,500 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,540 on the hourly chart of ETH/USD.

The current price action is positive, and the price is trading above the 23.6% Fib retracement level of the upward move from the $1,505 swing low to $1,584 high.

An immediate resistance is near the $1,585 level. The next major resistance is near the $1,620 level. An upside break above the $1,620 resistance zone could set the pace for more gains.

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send the price towards $1,720 or even $1,800 in the near term.

If ethereum fails to clear the $1,585 resistance, it could start a downside correction. An initial support on the downside is near the $1,550 level.

The next major support is near the $1,540 level and the trend line. It is near the 50% Fib retracement level of the upward move from the $1,505 swing low to $1,584 high. If there is a move below $1,540, the price might test the $1,500 support. Any more losses might call for a test of the $1,420 zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,540

Major Resistance Level – $1,585