Ethereum started a fresh increase above the $1,600 resistance against the US Dollar. ETH is gaining pace and might rise further towards the $1,650 level. Ethereum remained well supported above the $1,480 zone. The price is now trading above $1,550 and the 100 hourly simple moving average. There is a key rising channel forming with support near $1,510 on the hourly chart of ETH/USD (data feed via Kraken). The pair is eyeing more gains above the $1,620 and $1,625 resistance levels. Ethereum Price Gains Pace Ethereum attempted an upside break above the $1,605 level, but struggled. There was a sharp bearish reaction below the $1,560 and $1,550 levels. Ether price dipped below the $1,520 level and the 100 hourly simple moving average. However, the bulls were active near the $1,500 and $1,480 levels. A low was formed near $1,473 and the price is now rising. There was a clear move above $1,550 and the 100 hourly simple moving average. The price rallied above the 61.8% Fib retracement level of the recent decline from the $1,605 swing high to $1,473 low. It is now consolidating near the $1,600 zone. There is also a key rising channel forming with support near $1,510 on the hourly chart of ETH/USD It is facing resistance near the $1,620 and $1,635 levels. The stated resistance is near the 1.236 Fib extension level of the recent decline from the $1,605 swing high to $1,473 low. The next major resistance is now forming near the $1,650 lev...
