TA: Ethereum is About to See “Liftoff” if It’s Able to Hold One Crucial Level

Ethereum is holding gains and rising towards $1,600 against the US Dollar. ETH could rally if there is a clear move above the $1,620 resistance zone. Ethereum remained stable above the $1,520 and $1,500 support levels. The price is now trading above $1,550 and the 100 hourly simple moving average. There is a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it stays above the $1,520 and $1,500 support levels. Ethereum Price Eyes Upside Break Ethereum corrected lower below the $1,550 support level. The bears were able to push the price below the $1,540 level and the 100 hourly simple moving average. However, the $1,500 support acted as a strong barrier. Ether price traded as low as $1,513 and recently started an upside correction. There was a move above the $1,550 and $1,560 resistance levels. The price climbed above the 50% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low. The price is now trading above $1,550 and the 100 hourly simple moving average. There is also a crucial rising channel forming with support near $1,535 on the hourly chart of ETH/USD. The pair is now consolidating near the 76.4% Fib retracement level of the recent decline from the $1,620 swing high to $1,513 low. An immediate resistance on the upside is near the $1,610 level. The next major resistance is now forming near t...