$ETH Price Breakout But Lacks Momentum ?

Ethereum price is attempting a fresh increase above $1,650 against the US Dollar. ETH could accelerate higher if it clears the $1,670 resistance.

* Ethereum is attempting a fresh increase above the $1,620 level.

* The price is trading above $1,620 and the 100-hourly Simple Moving Average.

* There is a key bullish trend line forming with support near $1,645 on the hourly chart of ETH/USD (data feed via Kraken).

* The pair could continue to rise if it clears the $1,670 resistance zone.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,670 resistance, it could a downside correction. Initial support on the downside is near the $1,645 level and the trend line.

The next key support is $1,620 or the, below which the price could test the $1,600 support. A downside break below the $1,600 support might start another bearish wave. In the stated case, there could be a drop toward the $1,540 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $1,620

Major Resistance Level – $1,670