Ethereum is trading above $1,620, eyeing resistance at $1,670 and $1,720. Breaking these could lead to $1,800, but support at $1,620 is crucial to prevent a drop.
Key Takeaways:
- Ethereum is showing signs of strength, establishing its base above $1,580 and currently trading above $1,620.
- It’s sustaining above the 100-hourly Simple Moving Average and has a crucial bullish trend line near $1,645.
- The primary resistance lies at $1,670, followed by $1,720; surpassing these could open doors for a test at $1,800.
- However, a rejection at $1,670 could lead to a downward correction, with key supports at $1,645, $1,620, and $1,600.
Ethereum is reflecting a positive momentum, currently situated above the critical $1,620 mark, supported by the 100-hourly Simple Moving Average. The cryptocurrency, following Bitcoin’s upward trajectory, has formed a pivotal bullish trend line, offering support near $1,645 on the hourly chart of the ETH/USD pair according to data from Kraken.
#Ethereum is pumping! It should break the yellow resistance. pic.twitter.com/nMG3ItRn84
— $SHIB KNIGHT (@army_shiba) September 28, 2023
Ethereum Facing Resistance
Ethereum seems to have established a solid base above $1,580 and managed to breach the $1,650 mark, although it faced resistance slightly below $1,667. The price is fluctuating around the 23.6% Fibonacci retracement level from a previous move from $1,583 low to $1,667 high.
The digital asset’s primary challenges are the resistance levels at $1,670 and $1,720; successfully surpassing these levels could lead to a bullish continuation towards the $1,800 and possibly the $1,820 marks. A rally maintaining this upward momentum could potentially even see prices reaching up to $1,880.
On the flip side, failure to break the $1,670 resistance could lead to a price correction, with the first significant support at the $1,645 mark, fortified by the bullish trend line. If the price slides below this, further supports at $1,620 and $1,600 will be crucial to prevent a bearish decline towards $1,540.
While the hourly MACD for ETH/USD is showing signs of a weakening bullish momentum, the hourly RSI remains above the midline, suggesting there’s still room for further upward movement.
Traders should closely observe the critical support at $1,620 and resistance at $1,670 as decisive factors for Ethereum’s next major move.
Concluding Thoughts
Ethereum’s present trajectory exhibits a strong bullish inclination with a significant possibility of further ascent if it successfully breaks past the resistance levels. However, the technical indicators imply a mix of potential outcomes, necessitating careful observation of key price levels to gauge the forthcoming market trends accurately.
