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

Ethereum recently hit a high of $1,700 against the US Dollar, however has now taken a step back in price.


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.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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