TA: Ethereum is About to See “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is About to See “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is holding gains and rising towards $1,600 against the US Dollar. ETH could rally if there is a clear move above the $1,620 resistance zone.

Ethereum remained stable above the $1,520 and $1,500 support levels.
The price is now trading above $1,550 and the 100 hourly simple moving average.
There is a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it stays above the $1,520 and $1,500 support levels.

Ethereum Price Eyes Upside Break

Ethereum corrected lower below the $1,550 support level. The bears were able to push the price below the $1,540 level and the 100 hourly simple moving average.

However, the $1,500 support acted as a strong barrier. Ether price traded as low as $1,513 and recently started an upside correction. There was a move above the $1,550 and $1,560 resistance levels. The price climbed above the 50% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low.

The price is now trading above $1,550 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD.

The pair is now consolidating near the 76.4% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low. An immediate resistance on the upside is near the $1,610 level. The next major resistance is now forming near the $1,620 level.

Source: ETHUSD on TradingView.com

A clear move above the $1,620 level might start a steady increase towards $1,650 resistance. Any more gains may perhaps open the doors for a move towards the $1,700 resistance in the near term.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,620 resistance, it could start another decline. An initial support on the downside is near the $1,560 zone and the 100 hourly SMA.

The next major support is near $1,535 and the channel trend line, below which ether price might revisit $1,500. Any more losses may perhaps send the price towards the $1,420 zone.

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 – $1,535

Major Resistance Level – $1,620

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