Ethereum Attempts Fresh Increase Above $1,620 Level
Ethereum’s price has been making an effort to climb higher and break above the $1,620 level. Currently, the price is trading above $1,620 and the 100-hourly Simple Moving Average. This indicates a positive trend for Ethereum.
Key Bullish Trend Line Provides Support
On the hourly chart of ETH/USD, there is a key bullish trend line forming with support near $1,645. This provides a strong level of support for Ethereum’s price movement.
Possible Continuation of Rise
If Ethereum manages to clear the $1,670 resistance zone, it could continue to rise further. The next major resistance level to watch out for is $1,720. A breakthrough at this level could lead to a larger increase in Ethereum’s price.
Ethereum Price Climbs Higher
Ethereum’s price has formed a base above the $1,580 level and has remained stable. It recently broke above the $1,620 resistance zone and entered a positive zone, similar to Bitcoin’s movement.
Although there was a move above the $1,650 level, the upsides were limited. The price reached a high near $1,667 before experiencing a minor downside correction. Currently, it is trading near the 23.6% Fib retracement level of the upward move from the $1,583 swing low to the $1,667 high.
Ethereum is currently trading above $1,640 and the 100-hourly Simple Moving Average. Additionally, there is a key bullish trend line forming with support near $1,645 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
Are Dips Limited in ETH?
If Ethereum fails to clear the $1,670 resistance level, it could experience a downside correction. The initial support on the downside is near the $1,645 level and the trend line.
The next key support level is $1,620 or below that, which could lead to a test of the $1,600 support. If the price breaks below this support level, it might trigger another bearish wave with a potential drop towards the $1,540 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing a loss of 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
Hot Take: Ethereum’s Price Faces Resistance at Key Level
Ethereum’s price is currently attempting to break above the $1,670 resistance zone. If successful, it could pave the way for a larger increase towards the $1,800 resistance level. However, if Ethereum fails to clear this key resistance, it may experience a downside correction with initial support near $1,645. The overall technical indicators suggest mixed signals with MACD losing momentum in the bullish zone and RSI above 50. Traders should closely monitor these levels for potential trading opportunities in Ethereum.
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