Ethereum’s price is making an effort to establish a fresh uptrend above the $1,620 mark against the US Dollar. To kickstart a substantial rise, ETH needs to secure firm footing beyond both the $1,620 and $1,650 levels.
Ethereum is currently in the process of a recovery rally, with its price surpassing the $1,600 threshold. Moreover, it is trading above the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a crucial bullish trend line taking shape, providing support in the vicinity of $1,600.
Should Ethereum manage to close above the levels of $1,620 and $1,650, it could pave the way for a noteworthy upswing in its value.
Ethereum Price Maintains its Position
Ethereum’s price exhibited resilience above the $1,580 mark, establishing a solid foundation above $1,600, a pattern reminiscent of Bitcoin’s recent movements.
While the price did manage to breach the $1,620 level briefly, its upward potential was curtailed. A peak was reached around $1,633, followed by a robust bearish response. This led to the price retracing most of its gains and revisiting the $1,580 territory. Eventually, a low point was formed near $1,583, and currently, the price is in an ascending trajectory.
Ethereum is presently trading above $1,600 and is accompanied by the support of the 100-hourly Simple Moving Average. Additionally, on the hourly ETH/USD chart, a pivotal bullish trend line is materializing, offering support in the vicinity of $1,600.
On the upside, potential resistance could emerge near the $1,608 level or the 50% Fibonacci retracement level, calculated from the recent downturn, extending from the $1,633 peak to the $1,583 trough. Subsequently, the next significant resistance level is situated at $1,620, which aligns closely with the 76.4% Fibonacci retracement level from the aforementioned price swing.
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A breakthrough above the $1,620 threshold could propel Ether to greater heights in the upcoming sessions. Nevertheless, the primary obstacle remains in the vicinity of the $1,650 and $1,660 levels. Should the bulls manage to surmount the $1,660 barrier, it could set the stage for a substantial upturn, with the price aiming for the resistance at $1,720. Further advances might even pave the way for a move towards the $1,800 mark.
Is ETH Set for Another Decline?
Should Ethereum struggle to breach the $1,620 resistance, it may initiate a fresh downward trajectory. The initial support on the downside is located around the $1,600 level and coincides with the established trend line.
The subsequent critical support stands at $1,580, and a breach beneath this level could lead to a potential test of the $1,540 support. If this level is decisively breached, it could trigger substantial bearish momentum. In such a scenario, there is a possibility of a decline towards the $1,450 level.
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