Ethereum Price Encounters Resistance at $1,650, But Potential for an Upside Move Persists
The Ethereum price recently met resistance around the $1,650 mark against the US Dollar. ETH experienced a corrective pullback, finding support at the $1,620 level, which may pave the way for another upward push.
Ethereum is currently setting its sights on a significant breakthrough above the $1,650 resistance.
The price maintains its position above $1,625, accompanied by the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD (data feed via Kraken), a bearish trend line was breached with resistance near $1,625.
If Ethereum manages to close above the $1,650 and $1,670 levels, it could potentially gain bullish momentum.
Ethereum Price Sets its Sights on Further Gains
Ethereum’s price managed to ascend above the $1,620 resistance level, but encountered a challenge in surging past the $1,650 resistance, similar to Bitcoin’s struggle.
The market witnessed a corrective downturn, briefly dipping below $1,620. However, the downside movement remained limited, establishing a low point around $1,613 before initiating an upward trajectory. This upward move saw Ethereum surpass the $1,620 level and breach the 23.6% Fibonacci retracement level of the recent decline, extending from the $1,652 peak to the $1,613 low.
Moreover, a positive development occurred as a bearish trend line was broken with resistance approximately at $1,625 on the hourly ETH/USD chart. Ether is currently trading above both $1,625 and the 100-hourly Simple Moving Average.
On the upside, potential resistance may emerge around the $1,635 level or the 76.4% Fibonacci retracement level of the recent drop from the $1,652 high to the $1,613 low, positioned at $1,642. The subsequent resistance to watch for is situated around the $1,650 level. A successful breach of the $1,650 resistance could propel the price toward the $1,670 resistance level.
![](https://sollcrypto.com/wp-content/uploads/2023/09/Screen-Shot-2023-09-18-at-8.57.23-AM.png)
In the event of a close beyond $1,670, there is potential for a robust uptick in price. The subsequent significant challenge lies in proximity to the $1,750 mark. Surpassing this threshold could propel Ethereum even further, aiming for a target around $1,880.
Could Ethereum Experience Another Decline?
If Ethereum encounters obstacles in surmounting the $1,650 resistance, it could potentially initiate a fresh decline. The initial support level on the downside is situated in the vicinity of $1,620.
The first pivotal support comes into play near $1,610, followed by a subsequent key support level at $1,585. A downward breach beneath the $1,585 mark may signal the beginning of another bearish trend. In such a scenario, the price might even descend towards the $1,520 level in the short term.
Here are the current technical indicators:
Hourly MACD – The MACD for ETH/USD is showing increasing momentum in the bullish territory.
Hourly RSI – The RSI for ETH/USD is presently above the 50 level.
Key Support Level – $1,610
Key Resistance Level – $1,650