Ethereum Price Consolidation: Is Another Bull Run Around The Corner?
Ethereum has risen above $1,620 versus the US dollar. ETH is consolidating gains and may attempt another climb toward $1,720.
ETHEREUM has risen above $1,620 versus the US dollar. ETH is consolidating gains and may attempt another climb toward $1,720. The price of Ethereum began to rise steadily above the $1,500 resistance level. ETH gained momentum to break through the $1,600 resistance zone, similar to bitcoin at $22,000.
The bulls even drove the price above $1,650 and settled above the 100 hourly simple moving average. A new yearly high near $1,679 was achieved, and the price is presently reversing gains. There was a small decline below $1,650.
The price of ether fell underneath the 23.6% Fib retracement level of the uptrend from the $1,480 swing low to the $1,679 high. Furthermore, on the hourly chart of ETH /USD, there was a breach below a significant bullish trend line with support near $1,630.
The price is currently trading over $1,600 and the 100 hourly simple moving average. The broken trend line and the $1,650 level provide immediate resistance.
The next significant resistance is at $1,680. A break above the $1,680 barrier level could signal the start of a new uptrend. In the aforementioned scenario, the price may move toward the $1,720 resistance. Any further advances might push the price up to $1,788 or possibly $1,800 in the short term.
If ETHEREUM fails to break through the $1,650 resistance, it may continue to fall. On the downside, an initial support level is near $1,600. The next significant support is near $1,580, or the 50% Fib retracement level of the upward advance from the $1,480 swing low to the $1,679 high. If the price falls below $1,580, it may challenge the $1,520 support. Any further losses might lead to a test of the $1,480 level.
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