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The Ethereum price started the rally near the $1,550 resistance zone. ETH is gaining speed to move above the $1,600 resistance with a 100-hour moving average, the same as BTC.
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Even the Ethereum price surged past the $1,680 resistance zone and tested $1,700. The high was formed near $1,701 and now the price is reducing the gains. There is also a short-term breakout pattern formed with resistance near $1,700 on the hourly chart of the ETH/USD pair. The price of ETH is currently trading above $1,620 and the 100-hour moving average. It pared gains and sold well above the 23.6% Fibonacci retracement level from the rising wave swing low of $1,371 to the swing high of $1,765.
On the bright side, the price is facing resistance close to the $1,700 zone. The first major resistance is near $1,740, and the next major resistance is close to the $1,765 zone. A close above the $1,765 resistance zone might start another big rally. In this case, it is likely that the price will rise to the $1,850 resistance level. Even more profits will send the price to the $2,000 level. If the Ethereum price fails to clear the $1,700 resistance zone, then this will initiate a downward correction. Initial support on the downside is near $1,680. The next major support point is close to the $1,625 zone. If there is a break below $1,625, then the price is likely to drop to $1,535. It is close to the 50% Fibonacci retracement level of the wave upwards swing low of $1,371 to the swing high of $1,701. Losses may require a test at the $1,500 level.
also read :
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Bearish Ethereum Price Tries To Make A Recovery |
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