ETH Climbed Above $1600 Again, Could Retest $1720 Soon

ETH climbed above $1600 again after it went on a strong increase above these resistance levels and the US dollar. Its price will continue higher towards $1700 and $1720 resistance levels so let’s take a look at our latest ethereum price news today.

The ETH price found support near $1550 and started a fresh increase against the US dollar. Its price was trading well above the $1600 and 100 simple moving average with the major bullish trendline continuing higher towards $1720 resistance levels. Over the past week, BTC and ETH saw a downside correction below $48,000 and $1,550 against the US dollar while ETH traded below this support zone and eventually settled well below the 100 simple moving average.

ETH traded as low as $1444 before correcting higher with the bulls being able to push the price higher above $1550 resistance levels. There was also a break above the connecting bearish trend line of the $1540 and the 4-hour charts of the pair. ETH climbed above and cleared the 76.4% fib retracement level from the downward move at $1657 high to $1444 low. It is now trading above the $1600 and the 100 simple moving average with another bullish trend line forming with the support of $1550 on the charts.

On the upside, the first major resistance is near the $1700 level and the 1.236 fib extension level from the downward move from the $1675 high to $1444 low is nearing the $1720 level. breaking above the $1700 and the $1720 will open the doors for another move above $1800. If ETH fails to extend the rise of $1700, there will be another correction to the downside with the support nearing the $1600 level. The next support is set at $1575. The main support is forming near the trend line of $1550 so if ETH drops there are even more risks of a decline in the upcoming sessions. The technical indicators show that the MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is well above the 50 levels.

As recently reported, Ethereum’s EIP-1559 proposal will be included in the codebase in July this year and this all became clear during the All Core Developers call today. The improvement proposal is aimed at improving the user experience for Ethereum as well as solving the issues of high transaction fees. Typically a user would have to send the gas fee to a miner for a transaction to be included in the block and what this proposal aims for is to send that gas fee to the network itself.