Ethereum Slices Through $1,650 – Quick Technical Outlook
Ethereum has broken over the $1,650 barrier level against the US dollar. If ETH remains above the $1,625 support, it may increase to $1,800. ETHEREUM was able to rise gradually above $1,640 and $1,650.
The price currently trades over $1,650 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant rising channel with support at $1,645 is forming. If the pair remains above the $1,625 support level, it may continue to rise.
Ethereum’s Price Has Begun to Recover
Ethereum has begun an upward reversal over the $1,600 resistance level. ETH has risen over the $1,620 and $1,625 marks, paving the way for more increases.
The price breached the 23.6% Fib retracement mark of the major slide from the swing high of $1,880 to the low of $1,524. The price of ether even broke above the $1,650 barrier level and settled above the 100 hourly simple moving average. Finally, it traded towards the $1,700 resistance level when bears formed.
The price currently exceeds $1,650 and the 100 hourly simple moving average (SMA). On the hourly chart of ETH/USD, a significant rising channel with support at $1,645 is also forming.
On the upside, immediate resistance is at $1,680. Near the $1,700 mark, the first substantial barrier is building. It is close to the 50% Fib retracement level of the significant slide from the swing high of $1,880 to the low of $1,524. A decisive break over $1,700 might kick-start a persistent rise.
The next significant barrier is $1,745; over this level, the price might acquire positive momentum and ascend to test the $1,800 resistance.
Is There a New ETH Drop?
If Ethereum fails to break through the $1,700 barrier, it may begin a new drop. The 100 hourly simple moving average and the channel trend line provide early support on the downside.
The next key support is at $1,625, below which the price of Ether may begin to fall. In the scenario above, the price may fall to $1,550. Any more losses might pave the way for a move towards the $1,520 mark.
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