NewsBTC reports that Ethereum has seen a fresh surge past the $1,580 mark, and is now consolidating these gains with potential for further appreciation above $1,665 in sight.
Ethereum experienced a commendable increase above the $1,580 and $1,620 levels. However, the price is currently trading below $1,620 and the 100-hourly Simple Moving Average.
A new bearish trend line is emerging with resistance at $1,640 on the ETH/USD hourly chart (data sourced from Kraken). If the $1,665 resistance zone is cleared, Ethereum could be poised for another increase.
Having formed a solid base above $1,500, Ethereum mirrored Bitcoin with a fresh increase. The bulls managed to push the price past the $1,620 zone. A peak was reached at $1,668 before a slight downward correction began, taking the price below the $1,650 support zone.
The price of Ethereum is now below $1,600 and the 100-hourly Simple Moving Average. Despite facing resistance near the $1,640 level, Ethereum holds potential for further gains, with key resistance at the $1,665 level and major resistance at $1,680. A clear break past the $1,680 resistance could propel the price towards the $1,720 resistance, potentially calling for more gains in future sessions.
If Ethereum fails to clear the $1,640 resistance, it could begin a downward correction. Initial support is at the $1,600 level. Major support is near the $1,575 zone and the 50% Fib retracement level of the upward move from the $1,482 low to the $1,668 high.
A decisive move below the $1,575 support could push the price towards the $1,550 support. Any further losses might take the price towards the $1,520 support level in the short term. The next crucial support is at $1,480.
Technical Indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,575
Major Resistance Level – $1,665
