The Ethereum price is gradually ascending beyond the $1,600 mark against the US Dollar, indicating potential bullish momentum unless it experiences a significant drop below $1,550.
Ethereum is displaying several positive indicators, suggesting a potential breakthrough above the $1,650 resistance level. The price currently trades above $1,600 and the 100-hourly Simple Moving Average. Additionally, there was a notable breakthrough above a critical bearish trend line with resistance around $1,610 on the hourly ETH/USD chart (data sourced from Kraken).
Should the price manage to secure a close above $1,650 and subsequently surpass $1,670, it may initiate a substantial upward movement.
There are positive indications in the Ethereum price, suggesting a bullish outlook.
Ethereum’s price has found solid support above the $1,550 level and has been gradually ascending, much like Bitcoin, surpassing the $1,580 and $1,600 resistance thresholds.
A noteworthy development was the breach of a significant bearish trend line, which had resistance at approximately $1,610, as observed on the hourly ETH/USD chart. The pair even managed to overcome the $1,620 resistance. Nonetheless, the bears remain active below the $1,650 level, with a recent peak near $1,638, leading to a consolidation phase.
Ether is currently trading above $1,600 and is supported by the 100-hourly Simple Moving Average. Furthermore, it stands above the 23.6% Fibonacci retracement level of the recent upswing, calculated from the $1,530 swing low to the $1,638 high.
On the upside, potential resistance awaits around the $1,635 level, followed by the $1,650 mark. A breakthrough above the $1,650 resistance could propel the price toward the $1,670 resistance, potentially paving the way for a sustained uptrend.
![](https://sollcrypto.com/wp-content/uploads/2023/09/Screen-Shot-2023-09-14-at-9.55.27-AM.png)
The upcoming significant challenge lies in the vicinity of the $1,750 mark. Should Ethereum successfully surpass this level, it could propel the cryptocurrency even higher, possibly targeting the $1,880 threshold.
Another Drop in ETH?
Should Ethereum fail to overcome the $1,650 resistance, a potential downturn could ensue. Initial support on the downside can be found near the $1,600 level and the 100-hourly Simple Moving Average.
The primary support level to watch is in the vicinity of $1,585, along with the 50% Fibonacci retracement level derived from the recent upswing spanning from the $1,530 swing low to the $1,638 high. Subsequently, the following crucial support level is at $1,550. A breach below $1,550 could trigger a fresh wave of selling, potentially leading the price toward the $1,500 level in the near term.
As for technical indicators, the hourly MACD for ETH/USD indicates gaining momentum within the bullish zone, while the hourly RSI has climbed above the 50 level.
Key Levels to Monitor:
- Major Support Level: $1,600
- Major Resistance Level: $1,650