The price of Ethereum (ETH) is showing promising signs as it targets a potential upside break above the $1,760 resistance level against the US Dollar. Currently trading above $1,720 and the 55 simple moving average (4 hours), ETH has witnessed a break above a crucial bearish trend line, signalling bullish momentum. Traders are closely monitoring the $1,685 support zone, with a sustained hold above this level potentially leading to further gains.
Ethereum’s price displays bullish indicators, as it sees a breakout above the key resistance level of $1,760 against the US Dollar. Currently trading above $1,720 and the 55 simple moving average (4 hours), ETH has witnessed a significant breakthrough by surpassing a key bearish trend line near $1,725 on the 4-hour chart. This positive development has generated optimism among traders.
The recent price action saw Ethereum face a bearish wave from the $1,900 zone against the US Dollar. The downward movement caused a decline below the $1,800 level and the 55 simple moving average (4 hours). Furthermore, the bears pushed the price below $1,700, resulting in a low near $1,620. However, the cryptocurrency is now attempting a fresh upward movement.
ETH managed to break above the $1,680 resistance level, accompanied by a move above the 23.6% Fibonacci retracement level of the downward move from the $1,898 swing high to the $1,620 low. Additionally, a key bearish trend line was breached near $1,725 on the 4-hour chart, further bolstering the bullish sentiment. Ethereum is now trading above $1,720 and the 55 simple moving average (4 hours).
In terms of resistance levels, immediate upside resistance is seen near $1,760, which coincides with the 50% Fibonacci retracement level of the downward move from the $1,898 swing high to the $1,620 low. The next significant hurdle awaits around the $1,800 zone, and a clear move above this level could potentially propel the price toward $1,850.
If the bullish momentum persists, Ethereum might even target the $1,900 resistance zone or $1,920 in the near term. On the downside, the initial support lies around $1,700, followed by a major support level of $1,680. A break below $1,680 could lead to a further decline, potentially revisiting the $1,620 level. Additional losses may drive the price towards $1,550 or even $1,500 in the coming days.
Analyzing the chart, Ethereum is currently trading above the $1,720 zone and the 55 simple moving average (4 hours), indicating a positive sentiment. The 4-hour MACD (Moving Average Convergence Divergence) is gaining momentum in the bullish zone, while the 4-hour RSI (Relative Strength Index) is above the 50 levels, reflecting strength in the buyers’ camp.
Ethereum’s price shows encouraging signs as it targets a potential breakout above the $1,760 resistance level. Trading above $1,720 and the 55 simple moving average (4 hours), the cryptocurrency has breached a key bearish trend line, signifying bullish momentum. Traders are closely monitoring the $1,685 support zone for further confirmation. A sustained hold above this level could pave the way for additional gains.
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