The price of Islian is slowly moving above $1600 against the US dollar. ETH may gain a bullish outlook unless there is a significant drop below $1550
The price of Islian is slowly moving above $1600 against the US dollar. ETH may gain a bullish outlook unless there is a significant drop below $1550.
- Ethereum is showing some positive signs above the resistance level of $1650.
- The price is trading above $1600 and the 100 hour simple moving average.
- The ETH/USD hourly chart breaks through the key bearish trend line, with resistance around $1610 (provided by Kraken).
- If it is close to $1650 and above $1670, this pair of currencies may start a good growth.
Ethereum prices show bullish signs
Ethereum's prices remain unchanged above $1550, receiving good support. ETH slowly climbed above resistance levels of $1580 and $1600, such as Bitcoin
The ETH/USD hourly chart breaks through the key bearish trend line, with resistance around $1610. The two even broke through the resistance level of $1620. However, bears are still active below $1650. The high point is forming around $1638, and the price is currently consolidating its increase.
The current trading price of ether exceeds $1600 and the 100 hour simple moving average. The index is also above the 23.6% Fib retracement level, which has recently risen from a fluctuating low of $1530 to a high of $1638.
Looking up, gold prices may face resistance around $1635. The next resistance level is around $1650. The resistance level closing at $1650 may push the price up to the resistance level of $1670. If the price recovers from the resistance level of $1670, there may be a stable increase.
The next major obstacle is around $1750. A closing price above $1750 may send Ethereum further up to $1880.
Another drop in ETH?
If Ethereum fails to clear the $1650 resistance, it may start another decline. The initial support level for the downward trend is around $1600 and the 100 hour simple moving average.
The first key support level is close to $1585, and the recent 50% Fibonacci pullback from a low of $1530 to a high of $1638. The next key support is $1550. Falling below $1550 may trigger a new round of selling. In the above situation, the price may even fall to the level of $1500 in the short term.
Technical indicators
Hourly average indexIndex -The MACD of ETH/USD has a strong momentum in the bullish zone.
Hourly RSI-The relative strength index (RSI) of ETH/USD is currently above the 50 level.
Main Support Level - $1600
Main resistance level - $1650
#Ethereum # # Cryptocurrency#
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