Ethereum Sets its Sights on Breaking Key Resistance
Ethereum’s price has been making progress above the $1,620 resistance level. However, it has struggled to surpass the $1,650 resistance, similar to Bitcoin.
After a slight correction below the $1,630 level, the price found support near $1,613 and is now rebounding. There was a break above the $1,620 level and a connecting bearish trend line with resistance near $1,625 on the hourly chart of ETH/USD.
As a result, Ethereum is currently trading above $1,625 and the 100-hourly Simple Moving Average. On the upside, there may be resistance near the $1,635 level and the 76.4% Fib retracement level of the recent decline from $1,652 to $1,613.
If the price manages to close above the $1,650 resistance level, it could gain bullish momentum and target the next resistance at $1,670.
Ethereum Faces Potential Downside
If Ethereum fails to break above the $1,650 resistance, it may experience another decline. The initial support on the downside is around $1,620.
The first key support level is near $1,610 followed by $1,585. A break below $1,585 could initiate a bearish wave with a potential decline towards the $1,520 level in the near future.
Technical Indicators
The MACD for ETH/USD is showing positive momentum in the bullish zone on the hourly chart. The RSI for ETH/USD is also above the 50 level.
Hot Take: Ethereum Price Outlook
If Ethereum manages to break above the $1,650 resistance level, it could pave the way for further gains. The next major hurdle would be near the $1,750 level, and a close above this level may lead to a surge towards $1,880.
However, if Ethereum fails to overcome the resistance at $1,650, it may face another downward correction. The key support levels to watch are $1,620 and $1,610. A break below these levels could trigger a bearish trend with a potential drop towards $1,520.
Source: ETHUSD on TradingView.com
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