Ethereum Price Remains Supported For A Fresh Increase Above $1,600

Jan 18, 2023 06:00 am Cryptocurrency 155

Ethereum is consolidating gains above $1,500 against the US Dollar. ETH could start another increase and clear the $1,600 resistance zone in the near term.

Ethereum is showing positive signs above the $1,500 and $1,520 resistance levels.

The price is now trading above $1,550 and the 100 hourly simple moving average.

There is a connecting bullish trend line forming with support near $1,570 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could rise further unless there is a downside break below the $1,515 support.

Ethereum Price Eyes Another Increase

Ethereum price remained stable above the $1,500 resistance. ETH made another attempt to clear the $1,600 resistance zone, similar to bitcoin at $21,500.

However, the bears were active near the $1,600 resistance zone. A high is formed near $1,607 and the price is now consolidating gains. There was a minor decline below the 50% Fib retracement level of the upward move from the $1,541 swing low ..

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