Ethereum broke the $1,650 barrier level above the US dollar. If ETH continues above the $1,625 support, it could rise to $1,800. ETHEREUM It managed to gradually rise above $1,640 and $1,650.
The price is currently trading above $1,650 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant bullish channel is forming with support at $1,645. If the pair stays above the $1,625 support level, it may continue to rise.
The price of Ethereum has started to recover.
Ethereum has started to reverse upwards at the $1,600 resistance level. ETH rallied above the $1,620 and $1,625 marks, paving the way for further gains.
The price’s slide from the high of $1,880 to the low of $1,524 breached the 23.6% Fib retracement mark. Ether price broke above the $1,650 barrier level and settled above the 100 hourly simple moving average. Finally, it traded towards the $1,700 resistance level as bears formed.
The price is currently above $1,650 and above the 100 hourly simple moving average (SMA). On the hourly chart of ETH/USD, a significant bullish channel is forming with support at $1,645.
On the downside, immediate resistance is at $1,680. Near the $1,700 mark, the first critical barrier is building. The slide from the $1,880 high to the $1,524 low is close to the 50% Fib retracement level. A critical break above $1,700 could initiate a sustained rally.
The next significant hurdle is $1,745; At this level, the price may find a positive move and move out to test the $1,800 resistance.
Is there a new ETH drop?
If Ethereum fails to cross the $1,700 barrier, it may start a new drop. The 100 hourly simple moving average and the channel trend line provide early support on the downside.
The next key support is at $1,625, below which the price of Ether may start to fall. In the above scenario, the price could drop to $1,550. Any further losses could pave the way for a move towards the $1,520 mark.