Ethereum Price Shows Signs of Bullish Momentum
The price of Ethereum is displaying positive signs that it may surpass the $1,650 resistance level. Currently, it is trading above $1,600 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there was a break above a key bearish trend line with resistance near $1,610. The pair could potentially experience a significant increase if it manages to close above $1,650 and $1,670.
Ethereum’s Price Movement
Ethereum’s price has remained well-supported above the $1,550 level. It gradually climbed higher, surpassing the $1,580 and $1,600 resistance levels. A break above a crucial bearish trend line occurred with resistance near $1,610 on the hourly chart of ETH/USD. The pair also managed to break the $1,620 resistance. However, it is important to note that the bears are still active below the $1,650 level. The price reached a high around $1,638 and is currently consolidating its gains.
Key Levels to Watch
Ether is currently trading above $1,600 and the 100-hourly Simple Moving Average. It has surpassed the 23.6% Fib retracement level of its recent increase from the $1,530 swing low to the $1,638 high. On the upside, the price may encounter resistance near the $1,635 level before reaching the next hurdle at $1,650. If there is a close above this level, it could potentially push the price towards the $1,670 resistance level. Breaking past this resistance could lead to a steady increase in price.
Source: ETHUSD on TradingView.com
Possible Drop in ETH Value?
If Ethereum fails to break through the $1,650 resistance level, it may experience another decline. The initial support on the downside is near the $1,600 level and the 100-hourly Simple Moving Average. The first key support is around $1,585 and the 50% Fib retracement level from the recent increase. If the price drops below $1,550, it could trigger a fresh round of selling. In this scenario, the price may even decline towards the $1,500 level in the near future.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,650
Hot Take: Ethereum’s Price Poised for a Potential Breakout
Ethereum’s price has shown promising signs of bullish momentum with its steady climb and break above key resistance levels. While there is still a hurdle to overcome at $1,650, a close above this level could pave the way for further gains towards $1,670 and beyond. However, if Ethereum fails to surpass this resistance and instead experiences a drop below $1,550, it could trigger a downward trend towards the $1,500 level. Keep a close eye on these key levels as they will determine Ethereum’s next move.
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