Ethereum Price Eyes Steady Recovery
Ethereum is currently on an upward trend, surpassing the $1,650 and $1,660 levels. It is trading above $1,670 and the 100-hourly Simple Moving Average. The recent chart analysis shows that there was a break above a key bearish trend line with resistance near $1,660. This indicates a positive outlook for Ethereum.
Main Breakdowns:
– Ethereum forms a support base above the $1,580 and $1,600 levels.
– The price rises above the $1,650 resistance, similar to Bitcoin.
– A key bearish trend line is broken with resistance near $1,660.
– The price struggles to clear the $1,700 resistance zone.
– Ethereum is trading above $1,670 and the 100-hourly Simple Moving Average.
Possible Scenarios:
– If Ethereum successfully clears the $1,700 and $1,720 resistance levels, it could experience a fresh lift-off.
– The next major resistance is near the $1,780 level, with further gains potentially leading to the $1,820 resistance.
– However, if Ethereum fails to clear the $1,700 resistance, it may experience another decline.
– Initial support is near the $1,670 level and the 100-hourly Simple Moving Average.
– The next key support is near the $1,550 zone, with a downside break below $1,640 potentially leading to more losses.
Hot Take:
The current analysis suggests that Ethereum’s price is looking to recover steadily. However, the resistance levels at $1,700 and $1,720 will play a crucial role in determining its future trajectory. It remains to be seen whether Ethereum can break through these resistance levels and sustain its upward momentum. Traders and investors should closely monitor these levels for potential trading opportunities.
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