Ethereum (ETH) prices are currently in the recovery stage and are attempting to break through the key resistance level of $1620 against the US dollar. However, to achieve a significant increase, they must remain stable above $1650
Ethereum (ETH) prices are currently in the recovery stage and are attempting to break through the key resistance level of $1620 against the US dollar. However, to achieve a significant increase, they must remain stable above $1650.
Ethereum prices have successfully maintained a support level of $1600 and are building a solid foundation, like Bitcoin, attempting to surpass the resistance point of $1620.
On the ETH/USD hourly chart, we can observe two bearish trend lines breaking through, with resistance levels near $1620 and $1630, respectively. In addition, the price has also retested the 23.6% Fibonacci retracement of the decline from a high of $1750 to a low of $1600, currently trading close to $1630 and the 100 hour simple moving average. Although the price may encounter resistance around $1645, if it successfully breaks through the resistance level of $1660, it is expected to rise to the level of $1675.
Taking a further step, the 50% Fibonacci retracement level with the main decline is located near $1675, followed by the main obstacle located near $1700. As long as the closing price remains above $1700, it is possible to push the Ethereum price to a resistance level near $1750, and further increases may push the price to a level of $1800.
However, if Ethereum fails to break through the resistance level of $1660, it may face a new downward risk. The initial downward support level is around $1620, with the first key support level around $1600. If the price drops below $1600, it may increase selling pressure.
Further support levels are around $1580, and a larger decline may lead to the price retesting of the key support level of $1540. If there is more decline, the price may drop to $1480 or even $1440.
From the perspective of technical indicators, the hourly MACD shows that ETH/USD is in a bullish zone and gradually gaining momentum, and the hourly RSI is also above the 50 level.
The main support level is $1600, and the main resistance level is $1660. These factors will determine the future trend of Ethereum prices.
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