New Delhi(CoinChapter.com): Ethereum’s ETH price is holding gains above the $1,550 level. It must stay above the $1,550 level to start another leg higher in the near term.
Ethereum Price (ETH) Holds Remains In Uptrend
In the past few days, ethereum and bitcoin saw a decent increase against the US Dollar. The ETH/USD pair formed a base above the $1,550 level before it started a fresh increase.
There was a clear move above the $1,600 and $1,620 levels. The price settled above the $1,600 resistance zone and the 50 simple moving average (4-hours, blue). It opened the doors for more gains towards the $1,650 level.
The price traded as high as $1,714 and is currently correcting gains. There was a drop below the $1,650 level, but the bulls were active above the $1,500 level.
Ethereum is trading comfortably above the 50% Fib retracement level of the recent increase from the $1,556 swing low to $1,714 high. The price is also showing positive signs above the $1,600 level and the 50 simple moving average (4-hours, blue).
An immediate support on the downside sits near the $1,635 level. The next major support is near the $1,600 zone and the 50 simple moving average (4-hours, blue).
The 61.8% Fib retracement level of the recent increase from the $1,556 swing low to $1,714 high might also provide support. More importantly, there is a key bullish trend line forming with support at $1,550 on the 4-hours chart.
A close below the $1,555 and $1,550 support levels could spark a sharp move towards the $1,500 support. Any more losses below $1,500 could send the price towards the $1,440 zone.
Downside Correction in ETH?
Conversely, the bulls could stage a fresh increase above the $1,660 level. An immediate resistance is near the $1,680 level. A clear move above the $1,680 resistance level might send the price towards the $1,715 resistance. The next major resistance is near the $1,800 level. Any more gains might open the doors for a move towards the $1,840 resistance or even $1,900.
Overall, ether price is consolidating gains above the $1,600 level. If ETH climbs further above $1,680, it could even surpass the $1,715 resistance zone. Conversely, the price might start another decline and revisit the $1,550 support or even $1,440.
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