Ethereum is showing positive signs above the $1,550 zone against the US Dollar. ETH could start a fresh rally unless it breaks the $1,550 support zone. Ethereum is consolidating and is showing positive signs above the $1,550 support zone. The price is now trading above $1,550 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh surge if it clears the $1,600 and $1,620 levels. Ethereum Price Remains Supported For Gains Ethereum remained well bid after it started a downside correction from the $1,665 zone. ETH declined below the $1,580 level, but the bulls were active near the $1,550 level. The price 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. There is also a key contracting triangle forming with resistance near $1,600 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,600 level and the triangle trend line zone. Source: ETHUSD on TradingView.com The first major resistance is near the $1,620 and $1,625 levels, above which the price could revisit the $1,665 high. A clear break above $1,665 level could set the stage for a fresh rally. ...
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