Ethereum Price Just Reversed and $1,700 is Imminent, Here’s Why

Ethereum remained effectively bid above the $1,500 stage towards the US Greenback. ETH is rising and would possibly quickly clear the $1,600 resistance zone.

• Ethereum examined the $1,500 assist zone and began a gradual improve.
• The worth is now buying and selling above $1,560 and the 100 hourly easy shifting common.
• There was a break above an important bearish pattern line with resistance close to $1,560 on the hourly chart of ETH/USD (information feed through Kraken).
• The pair might rise steadily if it clears the $1,600 and $1,620 resistance ranges.

Ethereum Value Positive factors Tempo

Ethereum remained effectively bid after it examined the $1,500 support zone. ETH traded as little as $1,501 earlier than it fashioned a base for a recent improve.

The bulls have been capable of push the worth above the $1,540 and $1,550 resistance ranges. There was a transparent transfer above the 50% Fib retracement stage of the downward transfer from the $1,620 swing excessive to $1,501 low. There was additionally a break above an important bearish pattern line with resistance close to $1,560 on the hourly chart of ETH/USD.

Ether worth is now buying and selling above $1,560 and the 100 hourly simple moving average. A right away resistance on the upside is close to the $1,590 stage. It’s near the 76.4% Fib retracement stage of the downward transfer from the $1,620 swing excessive to $1,501 low.

Supply: ETHUSD on TradingView.com

The subsequent main resistance is close to the $1,600 stage. A transparent break above the $1,600 resistance might set the tempo for a good improve. Within the said case, the worth might rise to the $1,650 stage. Any extra positive aspects would possibly ship the worth towards the $1,700 resistance zone.

Contemporary Decline in ETH?

If ethereum fails to climb above the $1,600 resistance, it might begin one other decline. An preliminary assist on the draw back is close to the $1,560 stage and the 100 hourly easy shifting common.

The primary main assist is close to the $1,540 stage, under which ether worth might maybe decline in direction of the important thing $1,500 assist zone. A draw back break under the $1,500 zone would possibly set the tempo for a bigger improve. Within the said situation, the worth might decline in direction of the $1,400 assist zone within the close to time period.

Technical Indicators

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

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

Main Help Stage – $1,560

Main Resistance Stage – $1,600