Ethereum started another increase above the $1,620 resistance against the US Dollar. ETH is rising and might rally if it clears the $1,665 resistance zone.

Ethereum is slowly moving higher above the $1,600 and $1,620 levels.
The price is now trading above $1,620 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rally if there is a clear move above the $1,665 resistance zone.

Ethereum Price Starts Increase

Ethereum price remained well bid above the $1,550 level. ETH formed a base and started a fresh increase above the $1,600 resistance zone. There was a clear move above the $1,620 resistance, similar to bitcoin.

There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD. The bulls were able to pump the price above the $1,640 resistance. A high is formed near $1,658 and the price is now consolidating gains.

Ether price is now trading above $1,620 and the 100 hourly simple moving average. It is trading near the 23.6% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high.

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,655 level. The next major resistance is near the $1,665 level. An upside break above the $1,665 resistance zone could start a decent increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send ether towards the $1,800 level.

Dips Limitd in ETH?

If ethereum fails to clear the $1,665 resistance, it could start a downside correction. An initial support on the downside is near the $1,620 level or the broken trend line.

The next major support is near the $1,600 level or the 50% Fib retracement level of the upward move from the $1,557 swing low to $1,658 high. If there is a break below $1,600, the price might drop towards the $1,550 support. Any more losses might call for a retest of the $1,520 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,620

Major Resistance Level – $1,665

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Filed under: Bitcoin - @ January 30, 2023 4:48 am