Ethereum Price Prepares for Upside Break
Ethereum’s price has shown stability above the $1,620 support zone, indicating a potential upward move. The price of ETH made an attempt to surpass the $1,650 resistance level, similar to Bitcoin.
Although there was a spike above $1,650, the bulls faced resistance near $1,670. The price reached a high of around $1,669 before retracing its gains and falling below $1,650. The bears pushed it below the 50% Fibonacci retracement level, which is based on the upward movement from the swing low of $1,625 to the high of $1,669.
Nevertheless, the $1,640 zone was defended by the bulls. It 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 $1,625 on the hourly chart of ETH/USD.
The immediate resistance level is around $1,650, followed by $1,670. If the price manages to close above these levels, it could experience a significant increase in value.
Hot Take
Ethereum’s price is showing signs of positive momentum as it maintains stability above the $1,620 support zone. With resistance levels at $1,650 and $1,670, a close above these levels could signal a substantial upward movement for ETH.
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