Key Level for Ethereum Price Indicates Potential for a Promising Rally

Key Level for Ethereum Price Indicates Potential for a Promising Rally

Ethereum (ETH) Price Prepares for Upside Break

Ethereum’s price has shown stability over the $1,620 support zone, indicating a probable upward move. The price of Ethereum (ETH) made an attempt to surpass the $1,650 resistance level, similar to Bitcoin.

Despite the fact that there was a spike over $1,650, the bulls faced resistance near $1,670. The price reached a high of around $1,669 before retracing its gains and sliding 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 as of now trading over $1,640 and the 100-hourly Simple Moving Average. In addition, there is a key positive trend trend line forming, with support near $1,625 on the hourly chart of ETH/USD.

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The immediate resistance level is around $1,650, followed by $1,670. If the price manages to close over these levels, it might experience a whole lot of increase in value.

Hot Take

Ethereum’s price is showing indications of positive momentum as it maintains stability over the $1,620 support zone. With resistance levels at $1,650 and $1,670, a close over these levels could signal a substantial upward movement for ETH.

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