Ethereum Price Faces Resistance Near $1,650, Potential for Another Upward Movement
Ethereum’s price encountered a barrier near the $1,650 mark against the US Dollar. However, despite a correction in gains, the support at $1,620 could potentially spark another upward movement.
Key Points:
– Ethereum is currently eyeing a crucial breakthrough above the resistance level of $1,650.
– The price is trading above $1,625 and the 100-hourly Simple Moving Average.
– On the hourly chart of ETH/USD, a bearish trend line was broken with resistance near $1,625.
– If there is a close above $1,650 and $1,670, the pair could gain bullish momentum.
Ethereum Price Aims Higher
Ethereum’s price managed to surpass the $1,620 resistance level. However, similar to Bitcoin, it struggled to gather enough strength to break above the $1,650 resistance.
Although there was a downside correction below the $1,630 level, the price did not drop significantly. It briefly dipped below $1,620 but quickly recovered. The price formed a low near $1,613 and is now on an upward trajectory.
Furthermore, the price broke above the $1,620 level and the 23.6% Fibonacci retracement level of the recent decline from the $1,652 swing high to the $1,613 low. Additionally, a bearish trend line was broken with resistance near $1,625 on the hourly chart of ETH/USD. Currently, Ethereum is trading above $1,625 and the 100-hourly Simple Moving Average.
In terms of resistance levels, the price may face some obstacles near the $1,635 level or the 76.4% Fibonacci retracement level of the recent decline. The next significant resistance is expected near the $1,650 level. If the price manages to close above this resistance, it could potentially surge towards the $1,670 resistance.
If there is a close above $1,670, Ethereum’s price might experience a strong increase. The next major hurdle would be near the $1,750 level. A close above this level could propel Ethereum even higher, towards $1,880.
Another Drop in ETH?
However, if Ethereum fails to clear the $1,650 resistance, it may undergo another decline. The initial support on the downside is near the $1,620 level.
The first key support level is close to $1,610, followed by the next key support at $1,585. If the price breaks below $1,585, it could trigger another bearish wave. In such a scenario, the price might even decline towards the $1,520 level in the near term.
Technical Indicators
The MACD for ETH/USD on the hourly chart is gaining momentum in the bullish zone. Additionally, the RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,610
Major Resistance Level – $1,650
Source: ETHUSD on TradingView.com
(Note: Quotes from the original article have been retained to provide context and explanation on the subject. The article has been rewritten in a journalistic style, adhering to the rules provided.)
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
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...
View J-S Tremblay website
