Ethereum’s price has recently risen above $1,620 and is now in a consolidation phase which hints at potential gains above $1,680. A bullish trend line with support at $1,625 reflects this potential for upward movement, while resistances at $1,690 and $1,750 loom. Conversely, failure to break $1,660 could trigger a decline towards $1,610 or lower, marking technical boundaries for ETH/USD.
Ethereum’s price has seen an increase, moving beyond the $1,620 mark, and is currently consolidating its gains. This suggests that ETH may be positioning for a higher move, particularly if it surpasses the critical resistance level at $1,680. Currently, the price is trading around $1,625 and is above the 100-hourly Simple Moving Average (SMA). A bullish trend line is emerging with support positioned at $1,625, as evidenced on the ETH/USD hourly chart.
The price foundation was established above $1,520, followed by significant upward momentum, closely following Bitcoin’s performance. ETH successfully crossed resistance at the $1,580 and $1,600 levels and reached a high of $1,690 before undergoing a downward correction. After dropping below the $1,640 support level, the price retraced below the 50% Fibonacci retracement level of the advance from the $1,562 swing low to the $1,690 peak. Nevertheless, buyer activity was observed around the $1,620 level.
In its current state, Ethereum is trading above the 100-hourly SMA and encountering some resistance near the $1,660 area. The subsequent major resistance level stands at $1,680, and if cleared, it may lead to another challenge at $1,690. A definitive breakthrough at $1,690 could propel ETH towards the $1,750 resistance, with a potential upside beyond that suggesting targets of $1,800 or even $1,880.
Conversely, should Ethereum not overcome the $1,660 resistance, it risks initiating a downward correction, with initial support established at $1,620. If this level fails to hold, the next significant support is at $1,610, coinciding with the 61.8% Fibonacci retracement level. Should the price dip below $1,610, targets could extend to $1,575 and potentially even $1,550, with a more critical support zone at $1,500.
Technical indicators show that the hourly MACD is losing bullish momentum while the RSI remains above the 50 mark, indicating lingering buyer strength, albeit cautiously. Major support and resistance levels are established at $1,610 and $1,660, respectively.
