Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Ethereum is demonstrating renewed strength, striving to surpass the $1,620 level. At present, ETH is trading above this mark, further supported by the 100-hour Simple Moving Average. A crucial bullish trend line is forming, providing support near the $1,645 area on the hourly chart of the ETH/USD pair, as reported by Kraken.
Importantly, Ethereum has established its foundation above $1,580, reflecting Bitcoin’s upward momentum. Although it exceeded the $1,650 threshold, its rise was halted just below $1,667. Currently, Ethereum’s price is situated around the 23.6% Fibonacci retracement level, which originates from a rally that commenced at $1,583 and reached a peak of $1,667.
Additionally, Ethereum’s current trading price is above $1,640. Furthermore, a bullish trend line, positioned near $1,645 on the ETH/USD hourly chart, indicates potential upward movement.
Nonetheless, obstacles lie ahead. A resistance area near $1,670 is present, with the next significant challenge being the $1,720 level. Overcoming this could trigger additional bullish momentum, possibly pushing the price to test the $1,800 level. Beyond that, $1,820 stands out as the next major resistance. If Ethereum continues on this upward path, a rally towards $1,880 could be observed.
Related Posts
However, what if Ethereum struggles at the $1,670 resistance? A pullback may occur, with the initial support level at $1,645, bolstered by the bullish trend line. Additional support can be located at $1,620. Falling below this could bring $1,600 into consideration. A drop beneath this level could initiate a bearish trend, potentially driving Ethereum down towards $1,540.
Examining the technical indicators:
The hourly MACD indicates that the bullish momentum for ETH/USD is diminishing.
The hourly RSI, on the other hand, remains well above the 50 level, suggesting the possibility of further gains.
As the Ethereum market develops, the key levels to watch are $1,620 for support and $1,670 for resistance.
The post Ethereum Shows Promise, Eyes Resistance at $1,670: A Technical Analysis appeared first on BitcoinWorld.
