Ethereum Price Seeks Breakout at $1,650 with $1,670 as the Decisive Level
Ethereum’s price is displaying signs of a potential rally, with its sights set on breaching the $1,650 resistance against the US Dollar. A successful clearance of $1,650 and the pivotal $1,670 level could spark a bullish surge in the near future.
Ethereum is gradually edging higher above the $1,620 support region.
The price is currently trading above $1,640 and maintains its position above the 100-hourly Simple Moving Average.
On the hourly ETH/USD chart (data feed via Kraken), a notable bullish trend line is forming, offering support around $1,625.
Should the cryptocurrency market see an upswing, Ethereum’s price aims to overcome the $1,650 resistance level, which has proven challenging. The recent attempt to breach it led to a temporary surge, with a peak around $1,669, before retracing its gains.
However, bears have pushed the price below $1,650, bringing it beneath the 50% Fibonacci retracement level from the recent uptrend, which ranged from the $1,625 swing low to the $1,669 high.
Notably, the bulls defended the $1,640 region, which is proximate to the 61.8% Fibonacci retracement level of the aforementioned upward move. Moreover, Ethereum is now trading above $1,640 and enjoys support from the 100-hourly Simple Moving Average.
Technical Indicators Suggest Momentum in Favor of Ethereum
As Ethereum continues to navigate this landscape, a significant bullish breakout might encounter resistance around the $1,650 mark. Surpassing this level opens the door for a potential rise toward the $1,670 resistance, followed by a target level near $1,720. Subsequently, the $1,750 mark represents another noteworthy obstacle. A close above $1,750 could propel Ethereum on a path toward $1,820, with even further gains possible, targeting $1,880.
On the contrary, if Ethereum falters in its attempt to clear the $1,670 resistance, it might initiate another descent. The initial support level lies around $1,642, followed by more substantial support near $1,635, which coincides with the 100-hourly Simple Moving Average. Should the price break below this support, it could revisit the crucial $1,625 support and the associated trend line. A sustained downward movement may even lead to a test of the pivotal $1,600 support. If $1,600 fails to hold, Ethereum could revisit the key support level at $1,540.
In terms of technical indicators, the hourly MACD for ETH/USD is gradually gaining momentum in the bullish zone, while the hourly RSI is presently above the 50 level.
It’s important to note that cryptocurrency markets are highly volatile, and investors should exercise caution and perform their own research before making any investment decisions.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.