Ethereum’s ETH is climbing higher above $1,500. It must clear the $1,600 resistance area to continue higher in the near term.
Ethereum (ETH) Price Starts Fresh Increase
In the past few days, ethereum price formed base above the $1,200 zone against the US Dollar. The ETH/USD pair remained well bid and started a fresh increase above the $1,250 level, similar to bitcoin.
The price started a steady increase above the $1,350 and $1,400 resistance levels. The bulls were able to push the price above the $1,500 resistance and the 50-day simple moving average (blue). Besides, there was a break above a key bearish trend line with resistance at $1,500 on the daily chart.
Etheruem’s daily price chart | Source: ETHUSD on TradingView.com
Finally, it tested the $1,600 resistance zone. A high is formed near $1,620 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $1,157 swing low to $1,620 high.
On the upside, an immediate resistance is near the $1,600 level. The first major resistance is near the $1,620 level. The next major resistance is near the $1,700 level.
A clear move above the $1,700 resistance might start a strong increase. The next major resistance is near the $1,800 zone, above which ether could surge towards the $1,880 resistance zone or the $1,920 pivot level.
Downside Correction in ETH?
If there is no upside break above the $1,600 and $1,620 resistance levels, there could be a downside correction. The first major support is near the $1,510 level and the broken trend line. The next major support is near the $1,400 zone. It is close to the 50% Fib retracement level of the upward move from the $1,157 swing low to $1,620 high.
A close below the $1,400 level might push the price into a bearish zone. In the stated case, the price may perhaps decline towards the $1,300 support zone or even $1,250.
Overall, ether price is showing positive signs above the $1,500 level. The price might rise further, but it faces an uphill task near $1,800 and $1,880. If the bulls fail to push the price above $1,620, there could be a fresh decline towards the $1,400 support zone in the coming days.
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