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.
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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.
