{"id":457824,"date":"2021-03-02T05:08:48","date_gmt":"2021-03-02T05:08:48","guid":{"rendered":"https:\/\/wncen.com\/?p=457824"},"modified":"2024-06-11T11:14:45","modified_gmt":"2024-06-11T11:14:45","slug":"ethereum-above-1600-strong-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-above-1600-strong-rally\/","title":{"rendered":"TA: Why Ethereum Close above $1,600 Could Stage A Strong Rally"},"content":{"rendered":"
Ethereum started a steady increase above $1,450 and $1,500 against the US Dollar. ETH price is showing positive signs, but it must settle above $1,600 for upside continuation.<\/em><\/p>\n Ethereum extended its decline<\/a> towards the $1,300 level before correcting higher. ETH price formed a base above the $1,350 and recently climbed above the $1,400 resistance zone.<\/p>\n There was also a break above a key bearish trend line with resistance near $1,440 on the hourly chart of ETH\/USD. It opened the doors for more gains above the $1,450 and $1,500 levels. Ether price even climbed above the $1,550 level and settled above the 100 hourly simple moving average.<\/p>\n Finally, there was a spike above $1,600 and the price traded as high as $1,618. It is currently consolidating gains above the $1,550 level. An initial support is near the 23.6% Fib retracement level of the recent wave from the $1,296 swing low to $1,618 high.<\/p>\n <\/a><\/p>\n On the upside, the price is facing a strong resistance near the $1,600 and $1,615 levels. A daily close above the $1,600 level could open the doors for a fresh rally. In the stated case, the price might easily rise towards the $1,700 level.<\/p>\n If Ethereum fails to continue higher above the $1,600 and $1,615 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,550 level.<\/p>\n\n
Ethereum Price is Recovering Nicely<\/h2>\n
Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Fresh Drop in ETH?<\/h2>\n