Ethereum Price Rebound Runs Out Of Fuel Near Key Resistance
Analysis
Price Impact
MedThe article suggests that ethereum's recovery is losing momentum near a key resistance level ($1,700). this indicates potential for a price pullback if the resistance holds, but also highlights an opportunity for gains if it breaks through.
Trustworthiness
HighPrice Direction
NeutralThe price is at a critical juncture. while there was a prior recovery, it's now facing strong resistance at $1,700. the article presents both potential upside (breaking $1,700 towards $1,800+) and downside scenarios (falling below $1,620 towards $1,550), making the immediate direction uncertain.
Time Effect
ShortThe analysis focuses on hourly charts and immediate support/resistance levels, suggesting the potential price movements discussed are likely to occur in the short term (days to weeks).
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Ethereum price started a recovery wave above the $1,620 zone. ETH is now consolidating and struggling to continue higher above the $1,700 resistance. Ethereum started a recovery wave above the $1,620 zone. The price is trading below $1,680 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at $1,685 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $1,700 zone. Ethereum Price Fails To Extend Recovery Ethereum price started a recovery wave above the $1,520 zone, like Bitcoin . ETH price was able to surpass and settle above the $1,620 resistance. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low. However, the bears remained active near the $1,700 resistance. As a result, there was a fresh bearish reaction. Besides, there was a break below a bullish trend line with support at $1,685 on the hourly chart of ETH/USD. Ethereum price is now trading below $1,680 and the 100-hourly Simple Moving Average . If the bulls remain in action above $1,650, the price could attempt another increase. Immediate resistance is seen near the $1,680 level. The first key resistance is near the $1,700 level. Source: ETHUSD on TradingView.com The next major resistance is near the $1,750 level or the 50% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low. A clear move above the $1,750 resistance might send the price toward the $1,800 resistance. An upside break above the $1,800 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,840 resistance zone or even $1,880 in the near term. Downside Continuation In ETH? If Ethereum fails to clear the $1,700 resistance, it could start a fresh decline. Initial support on the downside is near the $1,650 level. The first major support sits near the $1,620 zone. A clear move below the $1,620 support might push the price toward the $1,580 support. Any more losses might send the price toward the $1,550 region. The main support could be $1,500. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $1,650 Major Resistance Level – $1,700