Ethereum Gains 45% in 7 days, Can ETH Breach $1,800?

Adekunle Joshua
3 Min Read

Ethereum might start a new rally as all indications show a correction from the $1,633 level. The ETH/USD exchange rate has been well supported above the $1,480 level for some time now. 

Ethereum is currently in a consolidation phase, with prices consolidating below the $1,600 resistance zone. The price of ETH is now trading above $1,500 and past the 100 hourly simple moving average.

The long-term picture for Ether is very encouraging, with a major bullish trend line forming with support near $1,480 on the hourly chart. With a clear move above $1,600, the price may continue to surge.

Ethereum Suggests More Positive Movements

Ethereum extended its rally today, moving above the $1,500 level. The cryptocurrency cleared the $1,550 resistance zone and is currently moving into positive territory.

It seems that the price is indeed finding some strength again. It recently settled well above $1,600 and even peaked at over the 100-hourly simple moving average.

Ether price faced buying pressure near the $1,600 support zone before there was a downside correction. Later on, sellers emerged and pushed prices down towards an important resistance level at around the $1,550 support zone.

Besides, there is a major bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,325 swing low to the $1,633 high. Immediate resistance on the upside is near the $1,600 level.

 

Ethereum/usd price
Ethereum/usd price | tradingview

The first major resistance is near the $1,630 zone. A clear move above this level could start another powerful upsurge in prices. The next key barrier is near the $1,700 level. This may be where buyers can take strength out of sellers and drive up prices towards the resistance zone at $1,800.

But if the reverse happens, i.e if the price fails to rise above the $1,600 resistance, this could trigger a downward trend. The first significant support would be the $1,520 zone, followed by the $1,480 zone and the trend line. 

If the price keeps falling further below these levels ETH could test the $1,450 support and even drop as far as below the $1,400 level or the 100 hourly simple moving average.

Technical Indicators

  • Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
  • Major Support Level – $1,480
  • Major Resistance Level – $1,600

 

 

 

 

 

 

 

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My passion lies in crafting compelling content that educates and engages audiences in the dynamic world of crypto and blockchain. With extensive experience in technical writing, I've helped numerous founders, investors, and startups achieve their goals. My expertise extends beyond just crypto, encompassing finance, marketing, and new-age technologies like AI and Cloud.
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