Ethereum Price Faces Resistance,recover,Ethereum Price Faces Resistance
The price of Ethereum is making a significant comeback against the US dollar, aiming to overcome the important resistance levels between $1,620 and $1,650. Even if the bulls are strong, a number of technical variables influence the short-term destiny of Ethereum’s price.
Ethereum’s Attempt to Recover
Ethereum has proven that it can sustain support over $1,580, creating a strong foundation for future growth. The cryptocurrency stabilised over $1,600, following a pattern that was also seen in Bitcoin.
Resistance arose to a brief rise over $1,620, and before a significant bearish response occurred, the price reached a high point close to $1,633. As a result, the price of Ethereum reversed most of its gains and returned to the $1,580 region. The price of Ethereum reached a low point at about $1,583, but it has since been seeing growth.
According to the analysis conducted thus far, Ethereum has moved above the 100-hourly Simple Moving Average (SMA) and is trading above $1,600. On the hourly ETH/USD chart, a significant bullish trend line that provides support around $1,600 has also surfaced.
Vital Stages to Monitor
Ethereum may run into opposition in its quest for higher prices around the $1,608 mark, which is the 50% Fibonacci retracement level of the most recent decline from the $1,633 peak to the $1,583 low. The next major barrier, which lies just below this level at $1,620, corresponds closely to the decline’s 76.4% Fibonacci retracement level.
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In the next trading sessions, Ethereum can rise much higher if there is a breach above the $1,620 mark. However, the main resistance is still in the vicinity of $1,650 and $1,660, where the bulls have a significant amount of work ahead of them. Should these resistance levels be successfully overcome, Ethereum may experience a significant rise towards the $1,720 resistance. Ethereum may even be able to reach the $1,800 mark with a prolonged rally.
Possible Negative Events
If Ethereum is unable to break beyond the $1,620 barrier, a reverse may occur. The bullish trend line highlighted earlier provides first support on the downside around the $1,600 mark.
The next significant support level is $1,580, below which the price of Ethereum can test the $1,540 support. Significant negative momentum may be generated by a break below the $1,540 support level, which might cause a down below the $1,450 level.
Technical Measures
Ethereum’s hourly MACD (Moving Average Convergence Divergence) indicates a decreasing negative momentum when technical indicators are examined. Furthermore, there has been a change in favour of the bulls as shown by the hourly Relative Strength Index (RSI) crossing the 50 mark.
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In summary
The price of Ethereum is currently at a critical phase as it attempts to break through significant resistance levels around $1,620 and $1,650. Even if there are many obstacles along the way, the bulls are still committed to pushing Ethereum’s price upward. In order to obtain insight into Ethereum’s possible direction in the upcoming days, traders and investors will be attentively observing the changing technical dynamics.
Ethereum Price Faces Resistance,recover,Ethereum Price Faces Resistance,recover,Ethereum Price Faces Resistance,recover,Ethereum Price Faces Resistance,recover