Ethereum Price Analysis: Key Resistance and Support Levels

Ethereum’s price is rising, attempting to breach the $1,650 resistance after starting from $1,550. Key supports are at $1,620 and $1,605. If it clears $1,650, a rally towards $1,800 is possible; otherwise, it may correct down to $1,500.

Ethereum’s price has recently seen an increase from the $1,550 range and is poised to challenge the $1,650 resistance. This movement follows a general stability above the $1,500 threshold, mirroring the trends observed in Bitcoin. The asset successfully traded above both the $1,550 and $1,600 levels, positioning it in a short-term positive zone.

A significant technical development occurred as Ethereum broke through a bearish trend line at $1,590, evident in the hourly chart of ETH/USD. Following this, the price surpassed the $1,620 resistance, achieving a high of $1,644 while remaining above the 23.6% Fibonacci retracement level of the upward movement noted from a low of $1,566 to the high of $1,644.

Currently, Ethereum is trading above $1,600 and the 100-hourly Simple Moving Average (SMA), but it faces resistance near the $1,640 mark. The next major hurdle is at $1,650, with an initial significant resistance at $1,680. A decisive break above the $1,680 level could propel Ethereum towards the $1,720 resistance, indicating potential for further gains that might elevate it to the $1,800 or even $1,840 zones.

Conversely, if Ethereum struggles to surpass the $1,650 ceiling, it may initiate a downward correction. Immediate support is found near $1,620, with the first major support level at $1,605, which coincides with the 50% Fibonacci retracement level of the recent upward trend. A decline below this could lead to a drop towards $1,580, with further losses risking a dip to the $1,550 support, while a critical support zone remains at $1,500.

Technical Indicators
– Hourly MACD: Indicates gaining momentum in the bullish range for ETH/USD.
– Hourly RSI: Currently above the neutral level at 50.

Major Support Level: $1,600
Major Resistance Level: $1,650