The price of #Ethereum saw a correction, retracting from its gains in the $1,750 range versus the US dollar. Ethereum (ETH) is now maintaining a critical support level at $1,620, which might potentially initiate a renewed upward movement in its price.
The Ethereum #cryptocurrency is now seeing a correction in its value, following a peak of $1,755.
The current selling price is situated below the value of $1,700 as well as the 100-hourly Simple Moving Average.
On the hourly chart of ETH/USD, as observed through data feed through Kraken, a breach occurred underneath a connecting positive trend line that had established support in the vicinity of $1,690.
The potential for a new upward trend remains viable, provided that the price does not breach the support level at $1,620.
The price of Ethereum experiences a correction in its gains.
The price of Ethereum shown further upward momentum, surpassing the $1,720 threshold. Ethereum (ETH) had a notable surge over the resistance level of $1,750, akin to the price movement observed in Bitcoin, until encountering selling pressure from bearish market participants.
A peak was established in the vicinity of $1,755 prior to a subsequent downward correction. The price saw a downward movement below the support level of $1,700 and the 100-hourly Simple Moving Average. The price had a decrease below the 50% Fibonacci retracement level, which corresponds to the upward movement between the swing low of $1,583 and the high of $1,755.
Additionally, it is worth noting that the hourly chart of ETH /USD saw a breach below a connecting positive trend line, which had a support level in the vicinity of $1,690. The current trading price of Ethereum has fallen below the threshold of $1,700 as well as the 100-hourly Simple Moving Average.
Nevertheless, the current price remains higher than the 61.8% Fibonacci retracement line, which corresponds to the upward movement between the swing low of $1,583 and the high of $1,755. There is a potential for the price to encounter resistance in the vicinity of the $1,670 threshold and the 100-hourly Simple Moving Average.
The topic of discussion pertains to the current value of Ethereum on the market.
The subsequent significant level of resistance is valued at $1,700. A decisive breakthrough beyond the resistance zone at $1,700 has the potential to provide momentum for a further upward movement. In the aforementioned scenario, it is plausible for the price to reach the resistance level of $1,750. The subsequent significant resistance level might potentially be observed at a value of $1,820. Further increases might perhaps pave the way for a potential upward movement towards the price level of $1,880.
Are there anticipated more losses in the value of Ethereum (ETH)?
In the event that Ethereum is unable to surpass the resistance level of $1,700, there is a possibility for it to sustain a downward trajectory. The initial level of support on the downside is approximately at the $1,650 mark. The subsequent crucial kind of assistance amounts to a total of $1,620.
A potential drawback might occur if the support level of $1,620 is breached, perhaps initiating a significant downward trend. In the aforementioned scenario, it is plausible that there may be a decline towards the level of $1,580. Further losses might potentially necessitate a test of the $1,550 threshold.
Technical indicators are tools used in financial analysis to assist in making investment decisions. These indicators are often mathematical calculations based on historical price and
The hourly Moving Average Convergence Divergence (MACD) indicator for the ETH/USD pair is exhibiting a decline in momentum inside the negative region.
The relative strength index (RSI) for the ETH/USD pair has currently fallen below the 50 mark.
The primary level of support is situated at $1,620.
The primary level of resistance is identified at $1,700.
