Ethereum soared to new heights, rising above the $1,620 mark against the US dollar. The digital currency is now consolidating its gains and appears poised for another upward surge, with potential targets set at the $1,720 level.
Ethereum began a steady ascent, rising above the $1,500 resistance zone. The digital currency picked up momentum and broke through the $1,600 resistance barrier, much like Bitcoin, as it reached the $22,000 mark.
The bulls took charge, pushing Ethereum’s value above the $1,650 level and establishing it firmly above the 100 hourly simple moving average.
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A new yearly high was reached at around $1,679, but the price has since retreated in a correction phase. Though there was a slight dip below the $1,650 level, the overall trend remains positive.
Ethereum’s value dipped, falling below the 23.6% Fibonacci retracement level of the upward trajectory from the $1,480 low to the recent peak of $1,679. Unfortunately, the bullish trend line that had previously served as a source of support at $1,630 on the hourly chart of ETH/USD was breached.
Despite this, the value of Ethereum is currently trading above $1,600 and the 100 hourly moving average, providing some hope for bulls in the market.
In the short term, there is an immediate resistance level of around $1,650 and the previously broken trend line.
The price faces a significant resistance level at $1,680.
A successful breakout above this level could trigger a new upward surge, potentially pushing the price toward the $1,720 resistance. If the momentum continues, the value of Ethereum may reach new heights, possibly climbing to $1,788 or even $1,800 in the near future.
If Ethereum fails to break through the $1,650 resistance, it may be faced with a steady descent. The first line of defense on the downside is around the $1,600 level, which could potentially provide support.
Should the market take a dip, the $1,580 level may serve as a cushion, acting as a lifeline for traders as it coincides with the 50% Fibonacci retracement of the recent bullish run from the $1,480 low to the $1,679 peak.
However, should this support fail to hold, the price may plummet to the next level of defense at $1,520. A breach of this barrier may lead to a freefall toward the $1,480 mark.
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