Ethereum worth confronted resistance close to $1,650 towards the US Dollar. ETH corrected features but the $1,620 help may spark one other upward motion.
- Ethereum is eyeing a key upside break above the $1,650 resistance.
- The worth is buying and selling above $1,625 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish pattern line with resistance close to $1,625 on the hourly chart of ETH/USD (knowledge feed through Kraken).
- The pair might acquire bullish momentum if there’s a shut above $1,650 and $1,670.
Ethereum Price Aims Higher
Ethereum’s worth was capable of climb additional above the $1,620 resistance. However, ETH struggled to achieve energy for a transfer above the $1,650 resistance, like Bitcoin.
There was a draw back correction beneath the $1,630 stage. The worth even spiked beneath $1,620 but the downsides had been restricted. A low was shaped close to $1,613 and the worth is now shifting greater. There was a break above the $1,620 stage and the 23.6% Fib retracement stage of the current decline from the $1,652 swing excessive to the $1,613 low.
Besides, there was a break above a connecting bearish pattern line with resistance close to $1,625 on the hourly chart of ETH/USD. Ether is now buying and selling above $1,625 and the 100-hourly Simple Moving Average.
On the upside, the worth may face resistance close to the $1,635 stage or the 76.4% Fib retracement stage of the current decline from the $1,652 swing excessive to the $1,613 low at $1,642. The subsequent resistance is close to the $1,650 stage. An in depth above the $1,650 resistance may ship the worth towards the $1,670 resistance.
Source: ETHUSD on TradingView.com
If there’s a shut above $1,670, the worth may begin a powerful enhance. The subsequent main hurdle is close to the $1,750 stage. An in depth above the $1,750 stage may ship Ethereum additional greater towards $1,880.
Another Drop in ETH?
If Ethereum fails to clear the $1,650 resistance, it might begin one other decline. Initial help on the draw back is close to the $1,620 stage.
The first key help is near $1,610. The subsequent key help is $1,585. A draw back break beneath $1,585 may begin one other bearish wave. In the acknowledged case, the worth might even decline towards the $1,520 stage within the close to time period.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum within the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 stage.
Major Support Level – $1,610
Major Resistance Level – $1,650
