After Bitcoin gained momentum against the US dollar, Ethereum prices began to rise significantly. ETH is rising and may test a key resistance level of $1750
After Bitcoin gained momentum against the US dollar, Ethereum prices began to rise significantly. ETH is rising and may test a key resistance level of $1750.
- Ethereum began to rise significantly above the resistance level of $1650.
- The price is trading above $1660 and the 100 hour simple moving average.
- There is a key bullish trend line on the ETH/USD hourly chart that forms support around $1645 (data from Kraken).
- The currency pair may further rise, but may face strong resistance around $1750.
Ethereum Price Returns to $1650
Ethereum remains above the $1550 support area. Recently, Bitcoin prices have broken through the resistance level of $28500, triggering a bullish trend in ETH. Steadily rising above resistance levels of $1600 and $1620.
The price even broke through the key resistance zone of $1650. Forming a high near $1700, prices are currently consolidating their gains. Its trading price is much higher than the 23.6% Fib retracement of the upward trend from a fluctuating low of $1620 to a high of $1700.
Ethereum's current trading price is above $1660 and the 100 hour simple moving average. A key bullish trend line has also formed on the ETH/USD hourly chart, with support around $1645. The trend line is located near the 61.8% Fib retracement level, which moves upward from the low point of $1620 volatility to the high point of $1700.
On the positive side, the price is facing resistance around $1700. The first major resistance is located near the $1720 area. The next key resistance level is $1750, where bears may appear. To continue to rise, prices must remain stable above the resistance level of $1750.
In the above situation, Ethereum may begin to rise strongly to the resistance level of $1880. Any further increase could open the door to moving towards $2000.
ETH downlink correction?
If Ethereum fails to break through the resistance level of $1700, it may begin a downward correction. The initial downward support is around $1660.
The next key support level is $1645 and the trend line area. Breaking below the support level of $1645 may lead to further price declines. In the above scenario, prices may fall towards the $1620 level and the 100 hour simple moving average. If there is further decline, Ethereum prices may rise to the level of $1550.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
