#Ethereum has surged above the $1,700 resistance level against the US Dollar, indicating a positive trend. However, it is possible that ETH may experience a correction and test the $1,650 support zone before continuing its upward trajectory.
Ethereum is currently undergoing a correction after reaching the $1,780 zone against the US Dollar. In order to initiate a new upward trend, it is crucial for ETH to remain above the 100 hourly SMA. Unfortunately, Ethereum's price experienced a downward correction after failing to surpass the $1,800 resistance zone. As a result, ETH fell below the $1,700 level and entered a short-term bearish zone, similar to Bitcoin.
The value of ETH/USD has been steadily decreasing, falling below the critical levels of $1,680 and $1,650. Additionally, a significant bullish trend line with support near $1,695 was broken, as seen on the hourly chart. The pair has now settled below the 50% Fib retracement level, which measures the upward movement from the $1,565 swing low to the $1,780 high.
The current trading price of Ether remains above $1,620 and the 50-hourly simple moving average. Additionally, it has surpassed the 76.4% Fibonacci retracement level of the upward movement from the $1,565 swing low to the $1,780 high.
ETH is currently encountering resistance in the range of $1,660 to $1,670. The next significant obstacle is at the $1,700 level. If the price manages to break through this resistance, it could trigger a substantial increase. In such a scenario, we may see the price climb towards the $1,800 resistance level. If the momentum continues, the price could potentially reach $1,880.
ETH is currently facing a crucial challenge. It must surpass the $1,700 resistance level to avoid a potential decline. However, if it fails to do so, the price may drop significantly. To prevent this from happening, Ethereum must maintain its initial support level of $1,620, which is reinforced by the 50 hourly SMA. If it falls below this level, the next major support zone is at $1,600. Unfortunately, if the price continues to drop, it may reach $1,550. In the worst-case scenario, it may even test the $1,485 level.
KEY LEVELS :
RESISTANCE LEVEL : $1,690-$1,740
SUPPORT LEVEL : $1,610-$1,560
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.
