Ethereum Price Nears Make-or-Break Resistance, Can Bulls Make It?
Ethereum price is eyeing a key upside break above $1,650 against the US Dollar. ETH could gain bullish momentum if there is a close above $1,650 and $1,670.
- Ethereum is moving higher toward the $1,650 resistance.
- The price is trading above $1,610 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise steadily if there is a close above $1,650 and $1,670.
Ethereum Price Eyes Upside Break
Ethereum’s price formed a base above the $1,580 level and extended its increase. ETH traded above the $1,620 resistance to move into a positive zone, like Bitcoin.
The price is now trading near a key barrier at $1,650, above which it could accelerate higher. Ether is now trading above $1,610 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,582 swing low to the $1,644 high.
Besides, there is a short-term rising channel forming with support near $1,630 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,645 level. The next resistance is near the $1,650 level. A close above the $1,650 resistance might push the price toward the $1,670 resistance.
Source: ETHUSD on TradingView.com
To start a steady increase, the price must settle above the $1,670 resistance. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880.
Another Rejection in ETH?
If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,630 level and the channel trend line.
The first key support is close to $1,610, the 100-hourly Simple Moving Average, and the 50% Fib retracement level of the recent increase from the $1,582 swing low to the $1,644 high. The next key support is $1,580. A downside break below $1,580 might start another bearish wave. In the stated case, the price could even decline toward the $1,520 level in the near term.
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,610
Major Resistance Level – $1,650
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