Ethereum Price Approaching $1,650 Resistance
The price of Ethereum is on the rise and heading towards the $1,650 resistance level. Currently, it is trading above $1,610 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a short-term rising channel is forming with support near $1,630.
Ethereum Price Eyes Upside Break
Ethereum’s price has established a base above $1,580 and has seen an extension in its increase. It has surpassed the $1,620 resistance level and entered a positive zone. The current focus is on breaking through the key barrier at $1,650 to accelerate further upwards. The price is currently trading above $1,610 and the 100-hourly Simple Moving Average.
There is also a rising channel forming with support near $1,630 on the hourly chart of ETH/USD. The next resistance levels are at $1,645 and $1,650. A close above $1,650 could lead to further gains towards the $1,670 resistance level.
Source: ETHUSD on TradingView.com
Price Must Settle Above $1,670 for Steady Increase
In order for Ethereum’s price to experience a steady increase, it needs to settle above the $1,670 resistance level. If successful, the next major hurdle would be near the $1,750 level. Breaking above this level could potentially push Ethereum even higher towards $1,880.
Possible Rejection in ETH?
If Ethereum fails to clear the $1,650 resistance, it may face another decline. Initial support on the downside can be found near the $1,630 level and the channel trend line. The first key support is around $1,610, which includes the 100-hourly Simple Moving Average and the 50% Fib retracement level. If a downside break occurs below $1,580, it could trigger a bearish wave and potentially bring the price down towards the $1,520 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing bullish momentum.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,610
Major Resistance Level – $1,650
Hot Take: Ethereum Price Poised for Upside Break as Resistance Nears
Ethereum’s price is steadily climbing higher and approaching the critical resistance level of $1,650. With trading above key support levels and forming a rising channel, there is potential for further gains. However, failure to break through this resistance could lead to a downward correction. To maintain its upward momentum, Ethereum needs to settle above $1,670 and target the next major hurdle at $1,750. Keep an eye on technical indicators like MACD and RSI for confirmation of bullish trends. Overall, Ethereum’s price outlook remains positive as it aims for an upside break.
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