The Ethereum price is currently making an effort to rise above the $1,650 level against the US Dollar. If it manages to clear the $1,670 resistance, Ethereum (ETH) could experience a further increase.
After forming a base above the $1,580 level, Ethereum climbed above the $1,620 resistance zone, entering a positive zone. However, upside movement was limited, with a high formed near $1,667. Currently, the price is trading near the 23.6% Fibonacci retracement level of the upward move, indicating a minor downside correction. Ethereum is currently trading above $1,640 and the 100-hourly Simple Moving Average, and there is also a key bullish trend line forming with support near $1,645 on the hourly chart of ETH/USD.
In terms of resistance, Ethereum may face hurdles at the $1,670 and $1,720 levels. A clear move above the $1,720 resistance zone could pave the way for further increases, potentially reaching the $1,800 resistance. On the downside, if Ethereum fails to clear the $1,670 resistance, it could experience a downside correction, with initial support near the $1,645 level and the trend line. The next key support is at $1,620, with a downside break below that level potentially leading to a test of the $1,600 support and a possible drop towards $1,540.
#Ethereum #ETH #cryptocurrency #price #crypto #trading #digitalcurrency #blockchain #investing
SEO keywords: Ethereum price, fresh increase, resistance, US Dollar, bullish trend, support, Fibonacci retracement, Simple Moving Average, upside movement, downside correction
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/08/bitcoin-5.jpeg
Comments are closed.