Monday, January 30, 2023

Ethereum Price Forms Bullish Continuation Pattern and Could Rally Again

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Ethereum is consolidating gains above $1,600 against the US Dollar. ETH is showing positive signs and might start another increase above $1,650.

  • Ethereum is showing positive signs above the $1,620 and $1,600 levels.
  • The price is now trading above $1,600 and the 100 hourly simple moving average.
  • There is a key bullish flag forming with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally again if it clears the $1,640 and $1,650 resistance levels.

Ethereum Price Could Pop Higher

Ethereum price started a downside correction from the $1,680 resistance zone. ETH corrected lower below the $1,650 and $1,620 level, similar to bitcoin.

The price declined below the 23.6% Fib retracement level of the upward wave from the $1,481 swing low to $1,680 high. There was a sharp decline below the $1,620 level and the 100 hourly simple moving average. However, the price remained stable near the $1,600 level.

Ether price is now trading above $1,600 and the 100 hourly simple moving average. There is also a key bullish flag forming with resistance near $1,640 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance is near the $1,640 level and the channel resistance. The next major resistance is near the $1,665 level. An upside break above the $1,665 resistance zone could start a fresh rally. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send the price towards $1,800 or even $1,850 in the near term.

Dips Supported in ETH?

If ethereum fails to clear the $1,640 resistance, it could start another downside correction. An initial support on the downside is near the $1,620 level and the 100 hourly SMA.

The next major support is near the $1,580 level or the 50% Fib retracement level of the upward wave from the $1,481 swing low to $1,680 high. If there is a break below $1,580, the price might drop towards the $1,520 support. Any more losses might call for a test of the $1,500 zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level – $1,580

Major Resistance Level – $1,640

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