Image default
Cryptocurrency

Ethereum Price Rally Could Gather Pace Above This Resistance, $1,8 Still Possible


Ethereum Price (ETH) Starts Fresh Rally | Photo by Pierre Borthiry on Unsplash

Ethereum’s ETH is climbing higher above $1,550. The price could rally further if there is a close above $1,620 and then $1,680.

Ethereum Price (ETH) Starts Fresh Rally

Ethereum and Bitcoin saw a strong decline against the US Dollar this past week. The ETH/USD pair declined below the $1,550 and $1,500 support levels.

To enter a bearish zone, the price settled below the $1,450 level and the 50 simple moving average (4 hours, blue). It traded as low as $1,370 before the bulls appeared. Then, the ether price steadily increased above the $1,500 resistance zone.

Ethereum price 4-hours price chart

Ethereum price 4-hours price chart | Source: ETH/USD on TradingView.com

The price broke a major bearish trend line with resistance near $1,500 on the 4-hours chart. There was an upside extension above the 50% Fib retracement level of the downward move from the $1,680 swing high to the $1,370 low.

Ethereum price is now trading above the $1,550 level and the 50 simple moving average (4 hours, blue). It is now struggling to gain pace above the $1,610 resistance.

The bulls seem to be struggling to clear the 76.4% Fib retracement level of the downward move from the $1,680 swing high to the $1,370 low. Immediate resistance is near the $1,600 level. The first major resistance is near the $1,610 zone.

A clear move above the $1,620 resistance might increase the price. The main breakout resistance is near the $1,680 zone. A successful close above the $1,680 zone and a follow-up move above the $1,700 resistance could set the pace for another steady increase.

The next major resistance is near the $1,740 level. Any more gains might open the doors for a move toward the $1,850 resistance or even $1,880.

Fresh Decline?

Conversely, the Ethereum price might fail to clear the $1,620 resistance zone. In the stated case, it could correct lower. Immediate support on the downside sits near the $1,550 level. The next major support is near the $1,525 level and the 50 simple moving average (4 hours, blue).

If there is a move below $1,525, there is a risk of an extended decline. In this scenario, the price may perhaps test the $1,440 support. Any more losses below $1,440 could send the price toward the $1,370 zone.

Overall, Ether’s price is increasing above the $1,550 zone and the 50 simple moving average (4 hours, blue). If ETH climbs above $1,620, it could start another increase. Conversely, the price might correct lower and test $1,525.

The post Ethereum Price Rally Could Gather Pace Above This Resistance, $1,8 Still Possible appeared first on CoinChapter.



Source link

Related posts

Cronos-Based Algorithmic Lending Protocol Rug Pulls $600K From Users

Marine Savard

Cardano finds some support at $0.36, but the downtrend remains unbeaten

Marine Savard

XRP Climbs to 3-Week High, DOGE Nearly 10% Higher – Market Updates Bitcoin News

Marine Savard

Hong Kong eyes stablecoin regulatory regime by 2024

Marine Savard

CryptoQueen Founder Onecoin Faces Fraud Trial In Germany

Marine Savard

El Salvador’s Central Bank Registers 80 Bitcoin Service Providers

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More