Ethereum Breaks Above $1,600 – ETH to Target $1,750
Ethereum has accelerated above the $1,600 resistance level against the US dollar. ETH is showing signs of life and may potentially break through the $1,700 resistance level. Ethereum began a significant rise and eventually landed above the $1,600 mark.
The price currently exceeds $1,650 and the 100 hourly simple moving average (SMA). On the hourly timeframe of ETH/USD, there was a break over a crucial negative trend line with resistance near $1,655. In the short term, the ETH/USD pair must break beyond $1,700 to continue higher towards $1,735 in the near future.
Ethereum Price Gains Momentum
Ethereum established a base and began a significant rise above $1,600. ETH broke over the critical $1,620 resistance zone and the 100 hourly simple moving average. The price moved decisively over the main slide’s 76.4% Fib retracement level from the $1,685 swing high to the $1,490 low.
Moreover, on the hourly timeframe of ETH/USD, there was a break above a significant negative trend line with resistance near $1,655. The price of ETH is currently trading at over $1,650 and the 100 hourly simple moving average. It is also approaching the $1,700 resistance level.
If the bulls keep pushing, more gains might be above $1,700. The $1,735 level is immediate upward resistance. It is near the 1.236 Fibonacci extension level of the major slide from the swing high of $1,685 to the low of $1,490. The next significant resistance level is $1,775. Any additional advances could pave the way for a move towards the $1,800 resistance in the near term. If the bulls maintain momentum, the price might rise above $1,880.
What if ETH Slides Lower?
If Ethereum fails to break over the $1,735 barrier level, it may begin a downward trend. Initial support on the downside is near the $1,660 zone. The next significant support level is $1,640. The primary support is building near $1,600 and the 100 hourly simple moving average.
A break below the $1,600 support level could trigger a new downturn. In the scenario above, the price of ether could fall to around $1,550. Good luck!
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