Ethereum price is recovering above the $1,650 resistance against the US Dollar. ETH could rise further if there is a clear move above the $1,700 resistance.

Ethereum is moving higher above the $1,650 and $1,660 levels.
The price is trading above $1,670 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $1,700 and $1,720 resistance levels.

Ethereum Price Eyes Steady Recovery

Ethereum’s price formed a support base above the $1,580 and $1,600 levels. ETH started a recovery wave and was able to rise above the $1,650 resistance, like Bitcoin.

There was a break above a key bearish trend line with resistance near $1,660 on the hourly chart of ETH/USD. The pair is now struggling to clear the $1,700 resistance zone. A high is formed near $1,698 and the price is consolidating gains.

Ether is trading above $1,670 and the 100-hourly Simple Moving Average. It is also near the 23.6% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high.

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,700 level. The next resistance is near the $1,720 zone. A successful close above the $1,700 and $1,720 levels could start a fresh lift-off. The next major resistance is near the $1,780 level. Any more gains might send the price toward the $1,820 resistance.

Another Drop in ETH?

If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,670 level and the 100-hourly Simple Moving Average.

The first major support is near the $1,550 zone. The next key support is near the 50% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high at $1,640. If there is a downside break below $1,640, there could be more losses. The next major support is near the $1,600 support level. Any more losses might send the price toward the $1,580 level or even to a new low below $1,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

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

Major Support Level – $1,640

Major Resistance Level – $1,700

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Filed under: Bitcoin - @ August 24, 2023 5:02 am