ETHUSD Positive technicals
Ethereum is gaining traction above the $1,600 level on Wednesday, following a sharp rebound from the $1,400 area this morning. The MACD and Stochastic indicator are both generating powerful buy signals on the four-hour time frame for the ETHUSD pair. Overall, the ETHUSD pair could be on the way to the $1,710 area, and possible the $1,740 resistance level.
The ETHUSD pair is only bullish while trading above the $1,600 level, key resistance is found at the $1,710 and the $1,740 levels.
If the ETHUSD pair trades below the $1,600, sellers may test the $1,580 and $1,550 support levels.