{"id":16699,"date":"2023-01-24T05:53:00","date_gmt":"2023-01-24T09:53:00","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=16699"},"modified":"2023-01-24T05:53:00","modified_gmt":"2023-01-24T09:53:00","slug":"ethereum-price-forms-bullish-continuation-pattern-and-could-rally-again","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/01\/24\/ethereum-price-forms-bullish-continuation-pattern-and-could-rally-again\/","title":{"rendered":"Ethereum Price Forms Bullish Continuation Pattern and Could Rally Again"},"content":{"rendered":"

Ethereum is consolidating gains above $1,600 against the US Dollar. ETH is showing positive signs and might start another increase above $1,650.<\/em><\/p>\n

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

Ethereum Price Could Pop Higher<\/h2>\n

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<\/a>.<\/p>\n

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<\/a>.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

Dips Supported in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,580<\/p>\n

Major Resistance Level \u2013 $1,640<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum is consolidating gains above $1,600 against the US Dollar. ETH is showing positive signs and might start another increase above $1,650.<\/em><\/p>\n

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

Ethereum Price Could Pop Higher<\/h2>\n

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<\/a>.<\/p>\n

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<\/a>.<\/p>\n

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.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

Dips Supported in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,580<\/p>\n

Major Resistance Level \u2013 $1,640<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-16699","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=16699"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16699\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16699"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}