Ethereum Price Poised for Bullish Momentum as It Approaches $1,650 Resistance
The price of Ethereum has been steadily climbing above $1,600 against the US Dollar, indicating potential bullish momentum. Traders and investors remain optimistic, as long as the price does not experience a significant drop below $1,550.
Ethereum is currently displaying a few positive signs that point towards a move above the $1,650 resistance level. The price is currently trading above $1,600 and has managed to stay above the 100-hourly Simple Moving Average, adding to the bullish sentiment. Recent developments include the break above a key bearish trend line, with resistance near $1,610, as observed on the hourly chart of ETH/USD, sourced from Kraken.
“Ethereum’s price remained well-supported above the $1,550 level,” stated a recent analysis from NewsBTC. The price of ETH has been slowly climbing, surpassing resistance levels at $1,580 and $1,600. Similar to Bitcoin’s recent performance, Ethereum’s price action has shown promise.
Ethereum’s recent performance shows that it is now trading above $1,600 and the 100-hourly Simple Moving Average, demonstrating strength in the market. Additionally, it has surpassed the 23.6% Fib retracement level of the recent increase from the $1,530 swing low to the $1,638 high.
The next resistance level to watch for is near $1,635, followed by the key level of $1,650. If the price manages to close above this level, it could signal further gains towards the $1,670 resistance. A steady increase is anticipated if the price reclaims the $1,670 resistance. The next major hurdle for Ethereum is projected to be near the $1,750 level. A close above this level would likely propel Ethereum even higher, potentially towards $1,880.
On the other hand, if Ethereum fails to clear the $1,650 resistance, it could experience a decline. Initial support lies around the $1,600 level and the 100-hourly Simple Moving Average. The first key support level is at $1,585, followed by the 50% Fib retracement level of the recent increase. A downside break below $1,550 may trigger a fresh round of selling, potentially leading the price towards $1,500 in the near term.
Technical indicators suggest that the MACD for ETH/USD is gaining momentum in the bullish zone, while the RSI for the pair is now above the 50 level. This indicates increasing positive sentiment and potential for further upward movement in the price.
Overall, Ethereum’s price is showing bullish signs as it approaches the crucial $1,650 resistance level. While it may face some setbacks, a close above this level could pave the way for further gains and potentially push Ethereum to new heights.
Sources:
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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