Ethereum Price Struggles to Rise Above Key Levels
Ethereum is currently facing challenges in surpassing the $1,660 and $1,670 levels, as it trades near $1,650 and the 100-hourly Simple Moving Average. However, there is hope for a potential increase if it successfully clears the $1,660 and $1,700 thresholds.
Key Points:
– Ethereum’s price is attempting a recovery wave above the $1,650 resistance zone, similar to Bitcoin.
– A bearish trend line with resistance near $1,650 was broken, indicating a positive shift.
– The bulls are currently encountering resistance near $1,660 or the 50% Fib retracement level.
– The next resistance levels are at $1,670 and $1,700, with a potential rise towards $1,780 and $1,850.
– On the downside, initial support is at $1,640, followed by a key support level near $1,620.
Hot Take
While Ethereum’s price is struggling to rise above crucial levels, a breakthrough above $1,660 could pave the way for further gains towards $1,700. However, if it fails to clear this resistance, another decline may occur, with support levels at $1,640 and $1,620. The MACD is showing a loss of momentum in the bullish zone, but the RSI is above the 50 level, suggesting a potential upward trend. Overall, the market’s reaction to these key levels will be crucial in determining Ethereum’s short-term direction.
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