Ethereum’s Slow and Steady Rise
You are witnessing Ethereum gradually making its way up from the $1,620 support zone. Currently, the price is above $1,632 and the 100-hourly Simple Moving Average, indicating positive momentum. On the hourly chart of ETH/USD, there is a bullish trend line forming with support near $1,622.
Potential for a Steady Increase
If the price manages to close above the $1,650 resistance, it could initiate a steady increase. Ethereum experienced some swings below the $1,650 resistance level, even spiking towards $1,665 before encountering bearish activity. However, the recent decline brought the price to retest the $1,600 support zone. But now, it is moving higher once again, following the footsteps of Bitcoin.
Resistance and Hurdles to Overcome
As the price continues to rise, it may encounter resistance near the $1,645 level, close to the 50% Fib retracement level from the recent drop. The next resistance lies around the $1,650 level or the 61.8% Fib retracement level. Breaching this level could propel the price towards the $1,665 level. However, the next significant hurdle awaits near the $1,700 level.
Hot Take: Ethereum’s Potential for Further Upside
A close above the $1,700 level could potentially push Ethereum even higher, with the next resistance around $1,750. If the momentum continues, the price might aim for the $1,800 resistance level.
Another Decline in ETH?
If Ethereum fails to break through the $1,650 resistance, it may experience another decline. The first support lies at the $1,630 level, followed by the 100-hourly Simple Moving Average. Further down, the key supports are at $1,620 and $1,600. A break below $1,600 could indicate a bearish trend, with the next major support at $1,580.
Technical Indicators
The MACD for ETH/USD is gradually gaining momentum in the bullish zone, indicating potential for further upward movement. The RSI for ETH/USD is now above the 50 level, suggesting positive market sentiment.
Hot Take: Ethereum’s Technical Levels
Based on the technical indicators and support levels, the major support level for Ethereum is at $1,600, while the major resistance level is at $1,650.
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