Ethereum held its ground steadfastly above the $1,600 support, mirroring Bitcoin’s bullish stance at $23,000. With a firm foundation above $1,620, ETH has recently embarked on a steady upward ascent.
Steady as she goes
Ether’s $1,650 and $1,660 resistance levels were decisively conquered, with a decisive break above a critical bearish trend line that had stubbornly lingered near $1,640 on ETH/USD’s hourly chart.
Furthermore, the pair boldly scaled the $1,700 resistance, reaching a summit of $1,698 before taking a brief respite from its upward journey.
Moreover, on Jan 18, 2023, Ethereum danced atop $1,660 and the 100 hourly moving average, nimbly navigating the markets. The coin finds itself near the 23.6% Fibonacci retracement level of its triumphant ascent from the $1,624 low to its magnificent $1,698 peak.
Granted, the $1,690 level presents an imminent challenge, a formidable fortress that Ether must conquer.
However, beyond lies the next great frontier, the $1,700 resistance, waiting to be breached.
The next great frontier
Should Ether break through this barrier, it would ignite a blazing path towards higher peaks, with the $1,750 resistance as the next target. And with enough momentum, the skies are the limit, with Ether reaching for the $1,820 resistance zone, scaling new heights in its never-ending pursuit of glory.
Notably, the $1,650 zone serves as the next bastion of support, as well as the 61.8% Fibonacci retracement of Ether’s ascent from $1,624 to $1,698.
Nonetheless, if this defense falls, Ether may plummet towards the $1,620 support. On top of that, if the downward spiral continues, the $1,600 support zone may be the last line of defense against total devastation.
Technical Indicators paint a picture of the ETH/USD landscape:
- Hourly MACD: A bullish breeze cools, diminishing its upward climb.
- Hourly RSI: Soars to new heights, breaching the midpoint of 50.
- Major Support Level: A foundation of stability at $1,650
- Major Resistance Level: A formidable barrier at $1,700
Definition of terms:
What is a Moving Average?
What is the Fibonacci Retracement level?
What is the MACD?
What is the RSI?
What is the Major Support Level?
What is the Major Resistance Level?