Ethereum Price Over $1,700: Is Ethereum Ready For Another Bull Run?

Posted Friday, February 3, 2023 by
Arslan Butt • 1 min read

ETHEREUM recently hit a high of $1,700 against the US Dollar, however has now taken a step back in price. If it breaks below the support level of $1,600 then it may continue dropping. ETHEREUM registered a substantial uptrend, clearing the $1,680 level and surging above $1,700. It even hit a high of $1,714 before facing some downwards correction in line with Bitcoin’s performance. Despite this, the currency still remains supported over the $1,650 mark to enable further gains.

After falling beneath the $1,680 and $1,665 levels, the price decreased even further and dropped below the 23.6% Fibonacci retracement of the upward move from $1,558 to $1,714. Despite that decline though, buyers are currently present in close proximity to the $1,640 level.

The Ether price is currently above $1,620 and the 100-hour simple moving average. It is stabilizing near the 50% Fibonacci retracement of the rise from $1,558 to $1,714. On the 1-hour chart of ETH/USD, a bullish trend line is forming with its support near $1,605.

The $1,660 mark is acting as an immediate resistance for further growth. Moreover, there’s another considerable resistance near the $1,700 level. A successful break above this would lead to a substantial uptrend in the market.

In the current situation, it is likely that ether will rise to $1,780 resistance point. If the price increases further, it could reach the $1,800 resistance level.

Is Ethereum’s ‘Downside Break’ A Sign Of Trouble To Come?

ETHEREUM is facing solid resistance around the $1,660 level and a breakdown may cause it to move down. The first line of support could be close to the $1,620 mark and the 100 hourly simple moving average.

Currently, the next major support is near the $1,600 range or along the trend line. Breaking below this level may cause a price decrease towards $1,565. If it drops further than this, it could test the $1,530 support level.

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