Ethereum: To Rally or Not to Rally?
Ethereum is currently trading above the $1,550 support zone and looks like it could start a new rally. However, if it breaks below this support zone, then the rally could come to an end.
Ethereum is currently trading above the $1,550 support zone and looks poised to launch a fresh rally higher. However, if the cryptocurrency fails to hold above this key support level, it could begin to retrace back lower. Overall, the outlook for Ethereum remains bullish as long as the $1,550 support zone holds.
- Ethereum is consolidating and looks positive above the $1,550 support zone. This suggests that the recent rally may continue in the short-term, with Ethereum potentially targeting the $1,600 level.
- The price of gold is currently trading above $1,550 and the 100 hourly simple moving average. This is a positive sign for gold bulls, as it indicates that the metal is gaining momentum and could continue to move higher in the near-term.
- There is a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH/USD. This suggests that the pair could soon start a downside move.
- Looking at the current trend, it seems that the pair could start a fresh surge if it clears the $1,600 and $1,620 levels. This would be a positive development for the market, as it would indicating that the pair is gaining strength.
Ethereum Price Remains Supported Above $200
Ethereum's recent correction has been a test of investor confidence, but so far the digital currency has held up well. After reaching a high of $1,665, ETH declined to below $1,580, but has found support near the $1,550 level. This shows that there is still strong demand for Ethereum, even at lower prices.
The price of the asset tested the key 61.8% Fib retracement level of the main increase from the $1,485 swing low to $1,665 high. The bulls defended more losses below the $1,550 support zone and the 100 hourly simple moving average. It is now back above the $1,580 level and is consolidating. The current trend suggests that the asset is consolidating after a sharp move higher. The bulls are defending key support levels, which suggests that they are still in control of the asset.
With resistance near $1,600 on the hourly chart of ETH/USD, there is a key contracting triangle forming. This immediate resistance on the upside is likely to be found near the $1,600 level and the triangle trend line zone. If this resistance is broken, it could open up further upside potential for ETH/USD.
The Ethereum network continues to grow in popularity and usage, as evidenced by the increasing price of ETHUSD on TradingView.com. I believe that this trend will continue in the future, as more and more people discover the benefits of using Ethereum.
As the price of gold continues to rise, it is clear that there are a number of key resistance levels that could impact the future of the market. The first major resistance is near the $1,620 and $1,625 levels, and a clear break above $1,665 could set the stage for a fresh rally. In the stated case, the price could even test the $1,750 level. Any more gains might send the price toward the $1,800 resistance zone, making it clear that the market is still very much in flux.
Downside Break in ETH? Prices Fall Below $200
If ethereum fails to climb above the $1,600 resistance, it could slowly move lower. An initial support on the downside is near the $1,570 level and the 100 hourly simple moving average. Below this, the next major support is near the $1,550 level. If ETH price fails to stay above the $1,550 level, it could start a major decline.
It is clear that the market is facing some support near the $1,550 level. However, if the price breaks below this level, it is likely to head towards the $1,485 support zone. This could be a major test for the market in the near term.
The technical indicators are pointing to a continued bullish trend in the market. The moving averages are all trending upwards, and the MACD is positive.
The MACD for ETH/USD is now losing bearish momentum, which could mean that prices could start to rebound soon. Watch for ETH/USD to potentially make a move back towards the $200 level in the near-term.
The RSI for ETH/USD is now above the 50 level, indicating that the hourly price trend is bullish. This is a positive development for ETH holders, as the price is likely to continue to rise in the short-term.
The major support level for gold is currently at $1,550 per ounce.
It is clear that the major resistance level for gold is at $1,600 per ounce.
