The bullish rally of Ethereum has propelled the Altcoin price to a crucial level that we have been striving to surpass throughout the year 2023. This significant breakthrough marks a pivotal moment for the crypto market, as it signals a potential shift in the overall trend.
#Ethereum has surged by more than 17%, surpassing the $1,650 resistance level against the US Dollar. However, it is possible that ETH may experience a correction and test the $1,625 support zone. The rally began when Ethereum's price broke through the significant $1,550 resistance zone, gaining momentum for a move above the $1,600 resistance zone, which is similar to Bitcoin's recent performance.
The price of ETH/USD has surged above the resistance zone of $1,680 and even tested the $1,700 region, reaching a high of $1,695. Currently, the price is consolidating its gains and forming a short-term breakout pattern with resistance near $1,700 on the hourly chart.
The current trading price of Ether has surpassed $1,650 and is currently above the 21-hourly simple moving average. The cryptocurrency is consolidating its gains and is trading comfortably above the 23.6% Fibonacci retracement level of the upward wave that started from the $1,368 swing low to the $1,695 high.
ETH/USD is currently encountering a barrier around the $1,700 mark. The initial significant obstacle lies in the vicinity of $1,740, followed by another major hurdle at the $1,765 threshold. Should the price manage to surpass this latter resistance level, it could potentially trigger a substantial surge. In such a scenario, the price may ascend towards the $1,850 resistance level, and any further gains could propel it towards the $2,000 mark.
Ethereum is currently facing a crucial test. Should it fail to surpass the $1,700 resistance, a downward correction may be in store. However, there is hope yet, as an initial support level can be found at $1,650. If this level is breached, the next major support zone lies at $1,625.
KEY LEVELS :
RESISTANCE LEVEL : $1,700-$1,750
SUPPORT LEVEL : $1,650-$1,600
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.