Ethereum Price Forms Bullish Continuation Pattern and Could Rally Again

Ethereum is consolidating good points above $1,600 in opposition to the US Greenback. ETH is displaying constructive indicators and would possibly begin one other enhance above $1,650.

• Ethereum is displaying constructive indicators above the $1,620 and $1,600 ranges.
• The worth is now buying and selling above $1,600 and the 100 hourly easy shifting common.
• There’s a key bullish flag forming with resistance close to $1,640 on the hourly chart of ETH/USD (information feed by way of Kraken).
• The pair might rally once more if it clears the $1,640 and $1,650 resistance ranges.

Ethereum Value May Pop Increased

Ethereum value began a draw back correction from the $1,680 resistance zone. ETH corrected decrease under the $1,650 and $1,620 degree, much like bitcoin.

The worth declined under the 23.6% Fib retracement degree of the upward wave from the $1,481 swing low to $1,680 excessive. There was a pointy decline under the $1,620 degree and the 100 hourly easy shifting common. Nevertheless, the price remained stable near the $1,600 level.

Ether value is now buying and selling above $1,600 and the 100 hourly easy shifting common. There may be additionally a key bullish flag forming with resistance close to $1,640 on the hourly chart of ETH/USD.

Supply: ETHUSD on TradingView.com

An instantaneous resistance is close to the $1,640 degree and the channel resistance. The subsequent main resistance is close to the $1,665 degree. An upside break above the $1,665 resistance zone might begin a recent rally. Within the said case, the worth might maybe rise in direction of the $1,720 resistance. Any extra good points would possibly ship the worth in direction of $1,800 and even $1,850 within the close to time period.

Dips Supported in ETH?

If ethereum fails to clear the $1,640 resistance, it might begin one other draw back correction. An preliminary assist on the draw back is close to the $1,620 degree and the 100 hourly SMA.

The subsequent main assist is close to the $1,580 degree or the 50% Fib retracement degree of the upward wave from the $1,481 swing low to $1,680 excessive. If there’s a break under $1,580, the worth would possibly drop in direction of the $1,520 assist. Any extra losses would possibly name for a check of the $1,500 zone.

Technical Indicators

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

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

Main Assist Stage – $1,580

Main Resistance Stage – $1,640