Ethereum’s ETH is holding gains above $1,500. The price might start another increase if there is a clear move above the $1,585 resistance.
Ethereum Price (ETH) Remains Supported
This past week, ethereum saw a strong increase from the $1,300 support zone against the US Dollar. The ETH/USD pair settled above the $1,420 resistance and the 50 simple moving average (4-hours, blue).
The upward move gained pace above the $1,500 resistance levels. The bulls even pushed the price above the $1,600 resistance level. Ether traded as high as $1,666 and recently started a minor downside correction.
Etheruem price 4-hours price chart | Source: ETH/USD on TradingView.com
The price declined below the $1,550 support zone. There was even a break below the $1,520 support zone and the 50 simple moving average (4-hours, blue).
However, the bulls are currently active above the $1,500 level. Ether price is trading near a key bullish trend line with support at $1,530 on the 4-hours chart. It is back above the 23.6% Fib retracement level of the recent decline from the $1,666 swing high to $1,503 low.
An immediate resistance is near the $1,570 level the 50 simple moving average (4-hours, blue). The first major resistance is near the $1,585 level. It is near the 50% Fib retracement level of the recent decline from the $1,666 swing high to $1,503 low.
A clear move above the $1,585 and $1,600 resistance levels might start another rally. In the stated case, ether price may perhaps rise towards the $1,720 resistance zone. Any more gains might open the doors for a move towards the $1,800 resistance.
If there is no upside break above the $1,585 resistance, the price might continue to move down. An immediate support on the downside sits near the $1,520 level and the trend line. The next major support is near $1,500 level.
A close below the $1,500 level might start a strong bearish wave. In the stated case, there is a risk of a move towards the $1,420 zone.
Overall, ether price is correcting gains and trading above a major support at $1,500. If there is no downside break below $1,500, there could be a fresh rally above $1,600. Conversely, there might be a fresh drop towards the $1,420 support zone or even $1,350.
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