Ethereum Price is Showing Early Signs of Fresh Rally But $1,670 is the Key

2023-9-8 07:14

Ethereum price is eyeing an upside break above $1,650 against the US Dollar. ETH could gain bullish momentum if it clears $1,650 and $1,670 in the near term.

Ethereum is slowly moving higher above the $1,620 support zone. The price is trading above $1,640 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support near $1,625 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if there is a close above the $1,650 and $1,670 resistance levels. Ethereum Price Eyes Upside Break

Ethereum’s price remained stable above the $1,620 support zone. ETH formed a base and made another attempt to clear the $1,650 resistance, like Bitcoin.

There was a spike above the $1,650 resistance zone but the bulls struggled near the next hurdle at $1,670. A high was formed near $1,669 before the price trimmed gains. It traded below the $1,650 level. The bears pushed it below the 50% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.

However, the bulls protected the $1,640 zone. It is close to the 61.8% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.

Ether is now trading above $1,640 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support near $1,625 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,650 level.

Source: ETHUSD on TradingView.com

The next resistance is near the $1,670 level, above which the price could rise toward the $1,720 level. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher. The next resistance might be near $1,820. Any more gains might send the price toward the $1,880 resistance.

Another Decline in ETH?

If Ethereum fails to clear the $1,670 resistance, it could start another decline. Initial support on the downside is near the $1,642 level.

The first key support is close to $1,635 and the 100-hourly Simple Moving Average. The next key support is $1,625 and the trend line. A downside break below $1,625 might push it to $1,600. If there is a downside break below $1,600, the price could revisit the key $1,540 support level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,625

Major Resistance Level – $1,670

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3283.78 (-2.21%)
Объем 24H $47.943b
Изменеия 24h: 5.16 %, 7d: 7.13 %
Cегодня L: $3039.69 - H: $3364.01
Капитализация $395.458b Rank 2
Цена в час новости $ 1625.9 (101.97%)

ethereum above price 670 650 clears bullish

Источник: newsbtc.com

ethereum above → Результатов: 126


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Holders Endure Unrealized Losses – Is ETH Undervalued?

Ethereum (ETH) has been underperforming in this cycle, trailing far behind Bitcoin’s impressive rally to new all-time highs. While Bitcoin captures headlines with its continued surge, ETH struggles to reclaim its yearly highs, leaving many investors questioning its next move.

Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise

Ethereum has experienced a noticeable surge in its price recently, trading above the psychological $3,000 price mark, which has reignited interest in the crypto market. According to on-chain analysis, retail investors appear to be adopting a “hold” strategy, resisting the urge to sell despite the increase in ETH’s value.