Ethereum Eyes Fresh Rally As It Clears This Major Breakout Zone

By August 4, 2022Ethereum
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Ethereum continued to support above the $1,550 zone against the US dollar. ETH is on the rise and a clear move above $1,670 could pick up the pace.

  • Ethereum has found support near $1,560 and started a new rally.
  • The price is currently trading above $1,620 and the 100 hour simple moving average.
  • The ETH/USD hourly chart (data feed via Kraken) has formed a major bearish trendline with resistance near $1,660.
  • A clear move above $1,660 and $1,670 could start a new rally for the pair.

Ethereum price will continue to be supported

Ethereum has fallen below $1,650. ETH has traded below his $1,600 support zone and moved into the short-term bearish zone.

However, the bulls were active near $1,550 and $1,560. The price remained stable above the 50% Fib retracement level of the move from swing lows of $1,354 to highs of $1,785. Ether price is currently on the rise and is trading above $1,600.

There was a break above the 23.6% Fib retracement level, which descended from the high of $1,785 to the low of $1,559. It is currently trading above $1,620 and the 100 hour simple moving average. The immediate resistance on the upside is near $1,650.

Source: ETHUSD on TradingView.com

A major bearish trend line has also formed on the ETH/USD hourly chart with resistance near $1,660.The first major resistance is near $1,670. It is approaching the 50% Fib retracement level, which moves down from the high of $1,785 to the low of $1,559. A clear breakout of $1,670 could lead to a steady rally to $1,700. If the bull market continues, the price could probably move higher towards the $1,750 resistance zone.

Another drop in ETH?

If Ethereum fails to break out of the $1,670 resistance, another drop could start. The first support on the downside is near $1,620.

The next major support is near $1,560, below which there is a risk of a sharp decline. In the aforementioned case, Ether price is likely to drop towards his $1,505 support in the near future. Further losses may require testing at the $1,450 level.

technical indicator

Hourly MACDETH/USD’s MACD is currently losing momentum in the bullish zone.

Hourly RSIThe ETH/USD RSI is currently above the 50 level.

Major Support Level – $1,570

Major Resistance Level – $1,670

Ethereum Eyes Fresh Rally As It Clears This Major Breakout Zone

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