The price of Ethereum remains firmly anchored to its support level, with a potential upside breakout that could catalyze a significant rally. Ethereum’s price has begun to rise from the $1,550 level. Ethereum is currently experiencing an upward trend and may seek to break through the $1,650 resistance level. Ethereum has initiated a new upward trend, surpassing the $1,580 and $1,600 thresholds. The price is currently positioned above $1,600, surpassing the 100-hourly Simple Moving Average. A significant breakthrough occurred above a connecting bearish trend line, with resistance identified at $1,590 on the hourly chart for ETH/USD.The duo may initiate a new upward trend if it surpasses the $1,650 resistance level.
Ethereum Price Targets Upside Potential Potential for a break is on the horizon. Ethereum’s price has shown resilience, maintaining stability above the $1,500 mark while initiating a new upward trend, mirroring the movements of Bitcoin. ETH has successfully traded above the $1,550 and $1,600 thresholds, marking its entry into a favorable short-term zone. ETH/USD experienced a notable breakout above a connecting bearish trend line, overcoming resistance at $1,590 on the hourly chart. The duo successfully surpassed the $1,620 resistance level. The market has established a peak at $1,644, with prices maintaining stability above the 23.6% Fibonacci retracement level of the upward movement from the $1,566 swing low to the $1,644 high.
Ethereum’s price has surpassed the $1,600 mark, trading above the 100-hourly Simple Moving Average. The price appears to be encountering resistance around the $1,640 mark. The upcoming critical resistance point is positioned around the $1,650 mark. The initial significant resistance is located around the $1,680 mark. A decisive breakthrough above the $1,680 resistance level could propel the price towards the $1,720 resistance mark. A breakthrough above the $1,720 resistance level could signal potential for further gains in the upcoming sessions. In the current scenario, Ether has the potential to approach the $1,800 resistance level, and may even reach as high as $1,840 in the short term.
Is a downside correction looming for ETH? Should Ethereum struggle to surpass the $1,650 resistance level, it may initiate a downward correction. The first line of support on the downside is positioned around the $1,620 mark. The initial significant support level is located around the $1,605 area, coinciding with the 50% Fibonacci retracement of the upward movement from the $1,566 swing low to the $1,644 peak. A decisive drop below the $1,605 support level could drive the price down to the $1,580 support threshold. Further losses could potentially drive the price down to the $1,550 support level in the short term. The next crucial support level is established at $1,500.
Market Indicators of The price of Ethereum :
- The MACD for ETH/USD is showing increasing momentum within the bullish territory.
- The hourly Relative Strength Index (RSI) for ETH has crossed above the 50 threshold.
- Key Support Threshold – $1,600
- Key Resistance Threshold – $1,650