Key Takeaways:
- Ether price started a strong increase above the $1,550 resistance.
- ETH/USD broke a major bearish trend line with resistance near $1,500 on the 4-hours chart.
- The price is surging and there could be more upsides above $1,680.
Ethereum’s ETH is climbing higher above $1,550. The price could rally further if there is a close above $1,620 and then $1,680.
Ethereum Price (ETH) Starts Fresh Rally
Ethereum and Bitcoin saw a strong decline against the US Dollar this past week. The ETH/USD pair declined below the $1,550 and $1,500 support levels.
To enter a bearish zone, the price settled below the $1,450 level and the 50 simple moving average (4 hours, blue). It traded as low as $1,370 before the bulls appeared. Then, the ether price steadily increased above the $1,500 resistance zone.
Ethereum price 4-hours price chart | Source: ETH/USD on TradingView.com
The price broke a major bearish trend line with resistance near $1,500 on the 4-hours chart. There was an upside extension above the 50% Fib retracement level of the downward move from the $1,680 swing high to the $1,370 low.
Ethereum price is now trading above the $1,550 level and the 50 simple moving average (4 hours, blue). It is now struggling to gain pace above the $1,610 resistance.
The bulls seem to be struggling to clear the 76.4% Fib retracement level of the downward move from the $1,680 swing high to the $1,370 low. Immediate resistance is near the $1,600 level. The first major resistance is near the $1,610 zone.
A clear move above the $1,620 resistance might increase the price. The main breakout resistance is near the $1,680 zone. A successful close above the $1,680 zone and a follow-up move above the $1,700 resistance could set the pace for another steady increase.
The next major resistance is near the $1,740 level. Any more gains might open the doors for a move toward the $1,850 resistance or even $1,880.
Fresh Decline?
Conversely, the Ethereum price might fail to clear the $1,620 resistance zone. In the stated case, it could correct lower. Immediate support on the downside sits near the $1,550 level. The next major support is near the $1,525 level and the 50 simple moving average (4 hours, blue).
If there is a move below $1,525, there is a risk of an extended decline. In this scenario, the price may perhaps test the $1,440 support. Any more losses below $1,440 could send the price toward the $1,370 zone.
Overall, Ether’s price is increasing above the $1,550 zone and the 50 simple moving average (4 hours, blue). If ETH climbs above $1,620, it could start another increase. Conversely, the price might correct lower and test $1,525.
