Ethereum has surged above $1,580 and $1,620, aiming for gains above $1,665. Currently stabilising below $1,600, it faces resistance at $1,640 if it aims for higher prices. Key support levels are identified at $1,600 and $1,575, while the hourly MACD indicates losing bullish momentum.
Ethereum has recently shown a notable increase in value, crossing key levels around $1,580 and $1,620. Current trading indicates it is consolidating between these zones and might target higher gains above the resistance level at $1,665. However, it is also facing a bearish trend line which represents resistance near $1,640 on the hourly chart for ETH/USD. A breakthrough here could drive further increases in price.
The momentum for Ethereum began with the formation of a base above $1,500, aligning its performance with Bitcoin’s upward trend. Ethereum surged past the $1,550 and $1,580 benchmarks, peaking at $1,668 before experiencing a corrective dip below $1,650. This retracement has brought it below the 23.6% Fibonacci retracement level from the recent swing low of $1,482 to its peak. Support now appears to be forming around $1,600 as it trades under the 100-hourly Simple Moving Average.
Should Ethereum fail to breach the $1,640 resistance, a potential correction could occur, with initial support anticipated at the $1,600 mark. If this support does not hold, key levels of support are found at $1,575 and a significant 50% Fibonacci retracement level. A further drop could see Ethereum nearing the $1,550 level and potentially tumbling down to $1,480 if downward momentum continues.
Technical indicators show mixed signals; the hourly MACD is losing momentum within the bullish territory while the RSI is maintaining a position above the 50 level, indicating a cautious trend. Key support and resistance levels are identified as $1,575 and $1,665 respectively, highlighting critical points to monitor in the near future for trading decisions.
