Ethereum Price Surges Past $1,700 Barrier, but Correction to $1,650 Support Area Possible

Posted Thursday, March 16, 2023 by
Arslan Butt • 1 min read

The price of ETHEREUM has surged past the $1,700 barrier against the US Dollar. However, before a new upswing, ETH may experience a correction lower to test the $1,650 support area.

Following the breakout above the $1,600 barrier, Ethereum’s price began an extended upward trend. Similar to Bitcoin, ETH was able to break over a crucial $1,700 barrier zone and continued to rise.

The price reached an all-time high near $1,800 after breaking through the $1,740 barrier. However, the market corrected sharply to below the $1,700 level, dropping as low as $1,666 and testing the $1,665 support level.

Currently, the price of Ether is trading above $1,650 and the 100 hourly simple moving average. A big bullish trend line is being formed with support near $1,690 on the hourly chart of ETH/USD.

As the price moves higher, it may encounter resistance around the $1,725 area. The recent drop from a high of $1,784 to a low of $1,666 is close to the 50% Fibonacci retracement level, with the first significant barrier located between $1,740 and $1,750.

The $1,750 level represents the 76.4% Fibonacci retracement level of the recent drop from the $1,784 swing high to the $1,666 low. The next significant barrier for buyers is located at $1,800. If the price manages to close above this resistance level, we may see another significant rise.

If that happens, the price may bounce up to the $1,880 barrier. Further upward movement could potentially bring the price to $2,000 or higher.

However, Ethereum’s price may drop again if it is unable to break down the $1,740 barrier. The trend line and the $1,690 price point provide initial support for the market, with the $1,650 area as the next significant support level. A decline to $1,600 is possible if support at $1,650 is breached, and the $1,550 level could be tested if prices continue to fall.

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