Another Ethereum Close Above $1600 Could Stage A Strong Rally

Another Ethereum close above the $1600 level could start a strong rally for the coin right as ETH started a steady increase above $1450 and $1500 against the US dollar. The price is showing some positive signs but it has to settle higher for a new upside continuation so let’s read more in our latest ETH news.

Ethereum started a new recovery wave above the $1450 resistance zone with the price now trading well above the $1500 and the 100 hourly simple moving average and a break above the key bearish trend line with the resistance near the $1440 on the hourly chart of the pair which is facing a strong resistance near the $1600 pivot level. ETH extended its decline towards the $1300 level before correcting higher with the price forming a new base above $1350 and climbed above the $1400 resistance zone as well.

There was a break above the key bearish trendline with the resistance of $1440 on the hourly chart of the pair as it opened the doors for more gains in the $1450 and the $1500 levels as ETH climbed higher and settled above the 100 hourly simple moving average.  There was another spike above $1600 and the price traded as high as $1618 it consolidating the gains above the $1550  level. the initial support is set at 23.6% fib retracement level from the wave at $1296 swing low to $1618 high.

On the upside, the price was facing a strong resistance near the $1600 and the $1615 levels with the daily close above the $1600 that could open the doors for a fresh rally and in the stated case the price will rise towards $1700 level. If ETH Fails to continue higher above the $1600 and the $1615 resistance level as it could start afresh decline with the initial support on the downside is near the $1550 level. The first major support is close to $1500 zone and the 100 hourly simple moving average with the new support level settling at $1450 level. It is close to the 50% fib retracement level of the recent way of $1296 low to $1618 high. More losses could retest the $1420 support zone as another ethereum close above it could start a new rally.

The hourly MACD for the pair is now gaining pace in the bullish zone with the hourly RSI for the pair being well above the 50 levels. The major support level is set at $1500 and the resistance one is set at $1600.