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  • Writer's pictureDavid Manion

Ethereum Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level


Ethereum corrected lower and tested $1,600 against the US Dollar. ETH is holding the $1,610 support and might attempt a fresh increase.

  • Ethereum corrected lower, but the bulls are active near the $1,600 zone.

  • The price is now trading below $1,640 and the 100 hourly simple moving average.

  • There is a major bearish trend line forming with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair could start another increase if it stays above the $1,600 support zone.

Ethereum Price Eyes Fresh Increase

Ethereum price started a downside correction below the $1,660 support, similar to bitcoin.


ETH extended its decline below the $1,620 level, but the bulls were active near the $1,600 zone.


The bears made two attempts to push the price below $1,600, but they failed. A low is formed near $1,605 and the price is now recovering losses. It cleared the $1,620 level. There was a move above the 50% Fib retracement level of the recent decline from the $1,657 swing high to $1,605 low.





Ether price is now trading below $1,640 and the 100 hourly simple moving average. An immediate resistance is near the $1,640 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,640 on the hourly chart of ETH/USD.


The trend line is close to the 61.8% Fib retracement level of the recent decline from the $1,657 swing high to $1,605 lo. The next major resistance is near the $1,655 level. An upside break above the $1,655 resistance zone could spark a fresh increase.


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In the stated case, the price may perhaps rise towards the $1,700 resistance. Any more gains might send ether price towards the $1,780 resistance zone.


Downside Break in ETH?

If ethereum fails to clear the $1,640 resistance, it could continue to move down. An initial support on the downside is near the $1,620 level.


The next major support is near the $1,600 zone. If there is a break below $1,600, the price might accelerate lower towards the $1,565 support. Any more losses might call for a test of the $1,530 support.


Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,600

Major Resistance Level – $1,640


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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