#Ethereum is currently on the rise and is trading above $1,700 against the US Dollar. If it manages to clear the $1,720 resistance zone, ETH could gain bullish momentum.
However, Ethereum price experienced a downside correction below the $1,700 support zone, and traded below the $1,650 level before the bulls appeared near $1,620, which is similar to the behavior of Bitcoin.
The price of the coin had recently dropped to a low of $1,611, but has since rebounded and is currently on an upward trend. Notably, it has surpassed the resistance levels of $1,650 and $1,665, indicating a strong bullish sentiment. Additionally, the price has broken through the 50% Fibonacci retracement level, which is a significant technical indicator of a potential reversal in the downward trend from the previous high of $1,780 to the recent low of $1,611.
The current trading price of Ether has surpassed $1,670 and is currently above the 100 hourly simple moving average. Additionally, a significant bullish trend line is emerging with support near $1,675 on the hourly chart of ETH/USD.
The current price is encountering a barrier around the $1,730 mark, which is in close proximity to the 61.8% Fib retracement level. This level is calculated based on the downward movement from the $1,780 high to the $1,611 low. The next significant obstacle is located at the $1,750 threshold. If the price manages to surpass this level, it could trigger a substantial surge. In such a scenario, the price may ascend towards the $1,800 resistance level. If the current trend continues, the price might reach $1,880.
Ethereum is currently facing a crucial challenge. It must surpass the $1,750 resistance level to continue its upward trend. However, if it fails to do so, a correction in gains may be inevitable. In the event of a correction, the initial support level is expected to be around $1,680, along with the trend line zone. If this level is breached, the next major support level is anticipated to be around $1,640, along with the 100 hourly SMA. Should the price continue to drop, it may reach the $1,615 level. More losses may result in a test of the $1,550 level.
KEY LEVELS :
RESISTANCE LEVEL : $1,740-$1,780
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.