Ethereum’s Price Approaches Critical Resistance: Can Buyers Succeed?
Ethereum (ETH) is showing signs of potentially breaking above the important $1,650 level against the US Dollar. If ETH manages to surpass $1,650 and $1,670, it may pave the way for a bullish trend.
Currently, Ethereum is inching closer to the $1,650 resistance. The price is currently above $1,610, and it has crossed the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD (data provided by Kraken), a short-term rising channel is forming with support around $1,630. A sustained breakout above $1,650 and $1,670 could lead to a steady rise in Ethereum’s price.
Ethereum’s Price Seeks an Upward Breakout
Ethereum’s price established a support level above $1,580 and extended its upward movement. ETH surpassed the $1,620 resistance, entering a positive territory similar to Bitcoin.
The current price is hovering near a critical barrier at $1,650. A breakthrough above this level could potentially trigger further gains. Ethereum is presently trading above $1,610 and the 23.6% Fibonacci retracement level of its recent rally from the $1,582 low to the $1,644 high.
Furthermore, on the hourly chart of ETH/USD, a short-term rising channel is taking shape, with support around $1,630. On the upside, resistance could be encountered around the $1,645 level, followed by a more substantial obstacle at $1,650. A successful breach of the $1,650 resistance may propel the price toward the $1,670 resistance.
Ethereum’s Path to Upside Momentum
To establish a sustained upward trend, Ethereum must close above the $1,670 resistance. The next significant hurdle lies near $1,750, and if this level is surpassed, Ethereum may aim for higher levels, potentially reaching $1,880.
Another Rejection Possible for ETH?
Failure to break through the $1,650 resistance may trigger a reversal. Initial support on the downside can be found near the $1,630 level and the channel’s trendline.
The first crucial support lies around $1,610, which coincides with the 100-hourly Simple Moving Average and the 50% Fibonacci retracement level of the recent rally from the $1,582 low to the $1,644 high. Subsequently, the next significant support level stands at $1,580. A downside break below $1,580 might initiate a new bearish phase, with a potential decline toward the $1,520 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is displaying bullish momentum. Hourly RSI – The RSI for ETH/USD is currently above the 50 level. Major Support Level – $1,610 Major Resistance Level – $1,650
