Ethereum Price Breaking This Single Level Will Spark a Steady Increase

The price of Ethereum found support close to the $1,540 zone and has begun a period of consolidation since then. Along the same lines as bitcoin, ETH is gradually climbing further than the $1,560 barrier.

There was a breakout above the 23.6% Fib retracement line of the significant drop that occurred from the swing high of 1,678 dollars to the low of 1,542 dollars. In the hourly chart of ETH/USD, we can also see that a big bullish trend line is formed, and it is providing support at $1,560.

At this moment, the price of ether is fluctuating close to $1,580 and the 100 hourly simple moving average. Many unsuccessful attempts to break over the $1,580 barrier are made by the price. On the upside, the price is encountering opposition close to the zone of 1,580 dollars. The first significant obstacle is located close to the zone of $1,600.

The area around 1,610 dollars is the next significant barrier to buyers. It is quite close to the 50% Fib retracement level of the significant decline that occurred from the swing high of $1,678 to the low of $1,542, which is the mark over which the price may begin a reasonable climb. The zone close to $1,670 is the next significant point of resistance.

A break and hold above the $1,670 resistance zone might signal the beginning of a new surge. In this scenario, there is a chance that the price will go up to around $1,740.

It is possible for ethereum to continue its downward trend if it is unable to break below the $1,580 barrier level. At the level of $1,560 and the trend line is a first support on the bearish side of the market. The region about $1,540 represents the subsequent important support. If the price is able to go below $1,540, it is possible that it will move closer to $1,500. Should there be any additional losses, the level at $1,440 might be put to the test.