Ethereum Price Shows Signs of Life But Lacks Momentum Above $1,650


Ethereum price is attempting a recovery wave above $1,620 against the US Dollar. ETH must settle above $1,650 to start a decent increase.

  • Ethereum is slowly moving higher from the $1,600 support zone.
  • The price is trading near $1,630 and the 100-hourly Simple Moving Average.
  • There was a break above two bearish trend lines with resistance near $1,620 and $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady increase if there is a close above the $1,650 resistance.

Ethereum Price Holds Key Support

Ethereum’s price managed to stay above the $1,600 support zone. ETH price is forming a base and is currently attempting a recovery wave above $1,620, like Bitcoin.

There was a break above two bearish trend lines with resistance near $1,620 and $1,630 on the hourly chart of ETH/USD. The pair retested the 23.6% Fib retracement level of the main decline from the $1,750 swing high to the $1,600 low.

Ether is now trading near $1,630 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,645 level. The next resistance is near the $1,660 level, above which the price could rise toward the $1,675 level.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the main decline from the $1,750 swing high to the $1,600 low is also near $1,675. The next major barrier is near the $1,700 level. A close above the $1,700 level might push Ethereum into a positive zone. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.

Another Decline in ETH?

If Ethereum fails to clear the $1,660 resistance, it could start another decline. Initial support on the downside is near the $1,620 level. The first key support is close to $1,600. A downside break below $1,600 might increase selling pressure.

The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could revisit the key $1,540 support level. Any more losses might send the price toward the $1,480 level or even $1,440.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,600

Major Resistance Level – $1,660



Source link: https://www.newsbtc.com/analysis/eth/ethereum-price-lacks-momentum-1650/

Sponsors

spot_img

Latest

Cranberry Spritz – A Beautiful Mess

This cranberry spritz is inspired by my favorite cocktail—the Aperol Spritz. The slightly bitter taste of cranberry and Aperol go perfectly with champagne...

Rory McIlroy reveals what he will focus on ahead of the Masters

Rory McIlroy has every reason to be happy after the Valero Texas Open, as he finished third. The Northern Irishman is already...

How Learning to Mountain Bike Helped Me in Early Motherhood

My daughter was five months old the first time I went mountain biking. As a new parent, when so much scared me, I...

Ryder Cup, fan throws himself into the water

Ryder Cup, fan throws himself into the water © Getty Images Sport Naomi Baker / Staff Europe won the 2023 Ryder Cup by beating...