Ethereum, the renowned cryptocurrency, has ignited a fresh surge, ascending beyond pivotal thresholds at $1,660 and $1,670 with undeniable force. This impressive upward march continues as the price remains comfortably above $1,700, nestled within the comforting embrace of the 100-hourly Simple Moving Average.
A defining moment in Ethereum’s journey was the decisive breach of a critical bearish trend line that loomed near $1,650 on the hourly chart of ETH/USD. This monumental breakthrough set the stage for a pronounced uptrend, akin to its digital sibling, Bitcoin. The momentous journey unfolded with Ethereum propelling itself above the $1,670 and $1,700 resistance levels, unfazed by challenges. However, a confrontation with the $1,750 barrier introduced a brief pause to the ascent.
An apex formed around $1,747, marking a pinnacle before the price initiated a corrective retreat. The decline witnessed a dip below the $1,720 level, triggering a pullback that pierced through the 23.6% Fibonacci retracement level, mapping the progress from the $1,639 swing low to the high of $1,747.
Despite this minor setback, Ethereum’s position remains robust, with a firm grip above $1,700 and the 100-hourly Simple Moving Average serving as a strong foothold. Turning our gaze toward the horizon of possibilities, Ethereum’s trajectory might encounter a hurdle around the $1,725 mark, followed by a more formidable resistance at $1,750.
A triumphant breakthrough beyond the $1,750 level could catalyze an onward march toward the coveted $1,850 territory. Beyond that lies the esteemed $1,920 resistance, and if this too is surmounted, Ethereum could embark on a journey toward the illustrious $2,000 summit.
Should Ethereum falter in its pursuit of conquering the $1,750 resistance, a corrective path might unfold. Initial support awaits at the $1,700 level, with a pivotal stronghold near $1,680 or the 61.8% Fibonacci retracement level drawn from the rise between the $1,639 swing low and the $1,747 high.
Further on, a robust support barricade emerges at the $1,660 level, presenting a line in the sand. However, if this threshold is breached, the pace of descent could escalate, leading Ethereum towards the $1,620 level. A continuation of this downward spiral could potentially steer the price toward the $1,540 mark in the near term.
Turning to the technical indicators, the Hourly Moving Average Convergence Divergence (MACD) has exhibited signs of waning bullish momentum within its zone. Meanwhile, the Hourly Relative Strength Index (RSI) has now surpassed the pivotal 50 levels, hinting at a favorable landscape for further advancements.
As Ethereum navigates through its intricate journey, the $1,750 resistance stands as a decisive battleground, holding the potential to steer Ethereum into uncharted heights or to trigger a recalibration of its trajectory. The crypto arena watches with bated breath as Ethereum navigates these pivotal junctures in its ongoing saga.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.