Sunday, February 5, 2023
Homebtc newsEthereum Price Consolidates Below $1,650 As The Bulls Aim Another Rally

Ethereum Price Consolidates Below $1,650 As The Bulls Aim Another Rally

Ethereum climbed further higher above $1,620 against the US Dollar. ETH is consolidating gains and might aim another rally towards the $1,720 level.

  • Ethereum is correcting gains from the $1,655 and $1,665 resistance levels.
  • The price is now trading above $1,600 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rally again if it stays above the $1,600 support zone.

Ethereum Price Eyes Another Increase

Ethereum price started a steady increase above the $1,500 resistance zone. ETH gained pace for a move above the $1,600 resistance zone, similar to bitcoin at $22,000.

The bulls even pushed the price above the $1,650 level and the price settled above the 100 hourly simple moving average. A new yearly high was formed near $1,679 and the price is now correcting gains. There was a minor move below the $1,650 level.

Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.

No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Ether price dipped below the 23.6% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high. Besides, there was a break below a key bullish trend line with support near $1,630 on the hourly chart of ETH/USD.

The price is now trading above $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,650 level and the broken trend line.

Ethereum Price

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Source: ETHUSD on inew.news

The next major resistance is near the $1,680 level. An upside break above the $1,680 resistance zone could start a fresh increase. In the stated case, the price may perhaps rise towards the $1,720 resistance. Any more gains might send the price towards $1,788 or even $1,800 in the near term.

Dips Limited in ETH?

If ethereum fails to clear the $1,650 resistance, it could continue to move down. An initial support on the downside is near the $1,600 level.

The next major support is near the $1,580 level or the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,679 high. If there is a move below $1,580, the price might test the $1,520 support. Any more losses might call for a test of the $1,480 zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,580

Major Resistance Level – $1,650

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LAST NEWS

Featured NEWS