The price of Essem climbed above $1650, but did not exceed $1670 to the dollar. ETH has trimmed its gains and is currently consolidating around $1630
The price of Essem climbed above $1650, but did not exceed $1670 to the dollar. ETH has trimmed its gains and is currently consolidating around $1630.
- Ethereum is working hard to clear $1670 of resistance.
- The price is trading above $1630 and the 100 hour simple moving average.
- The ETH/USD hourly chart breaks through the key bearish trend line, with resistance around $1628 (data via Kraken).
- The currency pair must remain above the $1620 support zone in order to start a new round of gains in the short term.
Ethereum price revisit support
Ethereum's price has started to show good growth above the $1620 resistance level. ETH even climbed above the $1650 resistance level before bears appeared, such as Bitcoin
During the upward period, the key bearish trend line was broken on the ETH/USD hourly chart, with resistance levels around $1628. However, bears held onto the resistance level of $1670. The high point formed around $1669, and prices began to revise downwards.
There is a fluctuation below the level of $1650. The price fell below the 50% Fib retracement level, which moved upwards from the low point of $1613 to the high point of $1669.
Ethereum is currently trading above $1630 and trading above the 100 hour simple moving average. It also trades near the 61.8% Fibonacci correction level, which moves upwards from a fluctuating low of $1613 to a high of $1669. Looking up, gold prices may face resistance around $1650.
The next resistance level is around $1670. A closing price above the $1670 resistance level may push the price to the $1720 resistance level. The next major obstacle is approaching the $1750 level. The level of closing at $1750 may further push up to $1880 in the coming days.
More losses in ETH?
If Ethereum fails to clear the $1650 resistance, it may start another decline. The initial support level for the downward point is around $1630 and the 100 hour simple moving average
The first key support level is close to $1620. The next key support is $1600. The decline below $1600 may trigger another wave of bearish sentiment. In the above situation, the price may even fall to the level of $1540 in the short term.
Technical indicators
Hourly average index-The MACD of ETH/USD is losing momentum in the bullish zone.
Hourly RSI-The relative strength index (RSI) of ETH/USD is currently below the 50 level.
Main Support Level - $1620
Main resistance level - $1670
#Cryptocurrency # # Ethereum # # ETH#
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