Ethereum is aiming for an upside break above $1,650 against the US dollar. To begin a new increase, ETH must maintain a price above $1,600.

  • Ethereum has been gradually moving upwards from the $1,620 support area. It is currently trading above both the 100-hour simple moving average and $1,632.
  • On the hourly chart of ETH/USD (data feed via Kraken), there is a positive trend line forming, with support located close to $1,622.
  • If the resistance of $1,650 is broken, the pair may start an upward trend.

Ethereum Bulls Take Over as ETH Price Set to Surge Again

The price of Ethereum showed some fluctuation below the $1,650 barrier area. Even though ETH reached $1,665, the bears managed to remain in control. Following a dip, the price tested the $1,600 support area again.

The price of Ether is currently climbing above $1,620, and it is now above the 100-hour SMA. On the ETH/USD hourly chart, a positive trend line is developing, with support located near $1,622. The price might face some resistance near the $1,645 level on the upside.

Using the Fibonacci method, the recent decline from the swing high of $1,668 to the low of $1,624 is almost 50% retraced.

If prices are able to clear the next barrier near the $1,650 level or the 61.8% Fibonacci retracement level of the recent decline from the $1,668 swing high to the $1,624 low, the price could potentially rise towards the $1,665 mark.

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Following this, the next significant obstacle would be around the $1,700 level.

ETH Price Analysis: Will Ethereum Experience Another Decline?

Ethereum may experience another downturn if it fails to surpass the $1,650 resistance level. The initial support areas on the downside are located near the $1,630 level and the 100-hourly simple moving average.

The trend line near $1,620 is the first important support to watch out for. If the price breaks down below this level, the next significant pillar of support is at $1,600. A further downward break below $1,600 may empower the bears to take control. In this case, the $1,580 mark represents the next significant level of support to look for. If the price continues to drop, we can expect it to return to the crucial $1,540 support level.


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