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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price
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Ethereum Price Gains are Slowing but Not Likely Over – Here’s Why

Aayush Jindal by Aayush Jindal
1 week ago
in ETH
Reading Time: 2 mins read

Ethereum price faced resistance near $1,650 against the US Dollar. ETH corrected gains but the $1,620 support might spark another upward movement.

  • Ethereum is eyeing a key upside break above the $1,650 resistance.
  • The price is trading above $1,625 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance near $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if there is a close above $1,650 and $1,670.

Ethereum Price Aims Higher

Ethereum’s price was able to climb further above the $1,620 resistance. However, ETH struggled to gain strength for a move above the $1,650 resistance, like Bitcoin.

There was a downside correction below the $1,630 level. The price even spiked below $1,620 but the downsides were limited. A low was formed near $1,613 and the price is now moving higher. There was a break above the $1,620 level and the 23.6% Fib retracement level of the recent decline from the $1,652 swing high to the $1,613 low.

Besides, there was a break above a connecting bearish trend line with resistance near $1,625 on the hourly chart of ETH/USD. Ether is now trading above $1,625 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $1,635 level or the 76.4% Fib retracement level of the recent decline from the $1,652 swing high to the $1,613 low at $1,642. The next resistance is near the $1,650 level. A close above the $1,650 resistance might send the price toward the $1,670 resistance.

Ethereum Price

Source: ETHUSD on TradingView.com

If there is a close above $1,670, the price might start a strong increase. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880.

Another Drop in ETH?

If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,620 level.

The first key support is close to $1,610. The next key support is $1,585. A downside break below $1,585 might start another bearish wave. In the stated case, the price could even decline toward the $1,520 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,610

Major Resistance Level – $1,650

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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