Ethereum is preparing for lift-off, but it will happen only if it can hold one crucial level. We have noticed that the price of Ethereum continues to rise against the US dollar and it is approaching the $1,600 mark.
There is a chance that Ethereum might surge, but it will come to fruition if there is a decisive move over the $1,620 resistance zone. It is evident that Ethereum is preparing for lift-off.
Above the $1,520 and $1,500 support levels, Ethereum has stayed steady.
The price is currently trading over $1,550 as well as the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a critical ascending channel with support at $1,535 is building.
If the pair remains above the $1,520 and $1,500 support levels, it may begin another rise.
ETH Price Eyeing Upside Break
Ethereum fell below the $1,550 support level. The bears were successful in pushing the stock below $1,540 and the 100 hourly simple moving average.
However, the $1,500 assistance operated as a significant impediment. The price of ether dropped as low as $1,513 and has just begun to rise. The price broke through the $1,550 and $1,560 resistance levels. The price has risen above the 50% Fib retracement level of the latest drop from the $1,620 swing high to the $1,513 low.
The price is currently trading over $1,550 as well as the 100 hourly simple moving average. On the hourly chart of ETH/USD, a critical ascending channel with support at $1,535 is also building.
The pair is now stabilizing at the 76.4% Fib retracement of the recent slide from the $1,620 swing high to the $1,513 low. The $1,610 level is an immediate upward resistance. The next significant resistance level is presently emerging at $1,620.
A clean break over $1,620 might signal the start of a persistent rise towards $1,650 resistance. Any further gains could pave the way for a move towards the $1,700 resistance in the near term.
A Fresh Decline In Ethereum?
If Ethereum fails to break over the $1,620 resistance, it may fall further. The 100 hourly SMA and the $1,560 zone provide early support on the downside.
The next significant support is between $1,535 and the channel trend line, below which the price of ether may return below $1,500. Any further losses might push the price down to $1,420.
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