The price of Essem has steadily increased from the range of $1520 to $1520. ETH is currently working to clear the resistance levels of $1605 and $1620
The price of Essem has steadily increased from the range of $1520 to $1520. ETH is currently working to clear the resistance levels of $1605 and $1620.
- Isleen is attempting to restore the wave at a level above $1570.
- The price is slightly higher than $1575 and the 100 hour simple moving average
- On the ETH/USD hourly chart, a key bullish trend line has been formed near $1572 (data via Kraken).
- If they close above the resistance level of $1620, these two stocks may further rise.
Ethereum Price Rising Traction
Ethereum has started a new growth from a level of $1520. ETH gained the same momentum as Bitcoin and broke through the resistance level of $1600. It even climbed above $1620, but bears appeared around $1650.
Before a new round of decline, a high was formed near $1669. Ethernet pared its gains and closed below $1600. It tested the support level of $1575 and is currently consolidating near the 23.6% Fibonacci pullback level, which has recently fallen from a fluctuating high of $1669 to a low of $1574.
Isleen's current trading volume is slightly above $1575 and the simple moving average of 100 hours. On the ETH/USD hourly chart, a key bullish trend line was formed around $1572.
Looking up, the price is facing resistance around $1605. The first major resistance level is close to Fib's recent 50% pullback from a high of $1669 to a low of $1574 at $1620. Resistance above $1620 may start a good growth.
In the above situation, Ether may rise and recover towards the resistance level of $1665. Any additional gains could open the door to moving towards $1750.
ETH Declining Again?
If Ethereum fails to clear the resistance of $1605, it may start another decline. The initial support for the decline is around $1575 and the 100 hour simple moving average.
The next key support is $1550. Falling below the support level of $1550 may further lower prices. In the above situation, the price may drop to the level of $1520. Any further losses may send Ethereum towards the $1440 level.
Technical indicators
Hourly average index-The MACD of ETH/USD is losing momentum in the bullish zone.
Hourly RSI-The relative strength index (RSI) of ETH/USD is currently above the 50 level.
Main Support Level - $1575
Main resistance level - $1620
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