Ethereum Price Analysis: ETH bulls catch a breather above $1,500, three-week-old rising channel in focus

ETH/USD eases from all-time high amid overbought RSI.
Sustained break of weekly resistance, bullish MACD hint further upside.
17-day-old rising trend channel also portrays bullish momentum.

ETH/USD eases from the record top of $1,549 to $1,517.70 during early Wednesday. The altcoin buyers might have taken a break amid overbought RSI conditions but the bullish momentum, portrayed by MACD and successful break of short-term resistance, now support, keeps suggesting the quote’s further upside.

As a result, the top line of an upward sloping trend channel stretched from January 10, currently around $1,580, gains the ETH/USD buyers’ attention, for now.

However, any further upside will not hesitate to challenge the $2,000 psychological magnet wherein the $1,600 threshold can act as an intermediate stop.

Alternatively, a downside break of the previous resistance line from January 25, currently around $1,400, will be challenged by 100-bar SMA and an eight-day long ascending support line near $1,315.

If at all the ETH/USD sellers manage to break $1,315, the stated channel’s lower line close to $1,200 will be the key to watch.

ETH/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1520.59
Today Daily Change	6.92
Today Daily Change %	0.46%
Today daily open	1513.67

Trends
Daily SMA20	1302.92
Daily SMA50	1026.36
Daily SMA100	764.19
Daily SMA200	566.36

Levels
Previous Daily High	1549
Previous Daily Low	1360.27
Previous Weekly High	1477.3
Previous Weekly Low	1206.05
Previous Monthly High	1477.3
Previous Monthly Low	715.22
Daily Fibonacci 38.2%	1476.91
Daily Fibonacci 61.8%	1432.36
Daily Pivot Point S1	1399.63
Daily Pivot Point S2	1285.58
Daily Pivot Point S3	1210.9
Daily Pivot Point R1	1588.36
Daily Pivot Point R2	1663.04
Daily Pivot Point R3	1777.09

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