• Fri. Oct 7th, 2022

Ethereum Eyes Fresh Surge As It Holds Key Uptrend Support

ByAayush Jindal

Aug 5, 2022
Ethereum


Ethereum remained well bid above the $1,550 zone against the US Dollar. ETH is rising and might gain pace if there is a clear move above the $1,670 level.

  • Ethereum found support near $1,580 and started a fresh increase.
  • The price is now trading above $1,630 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if there is a clear move above $1,670 and $1,680.

Ethereum Price Eyes Upside Break

Ethereum started another decline below the $1,650 level. ETH even traded below the $1,600 support zone but downsides were limited. The price remained in a range and was well supported above the $1,550 level.

A low was formed near $1,580 and the price is now rising. There was a clear move above the $1,600 and $1,620 levels. Ether price cleared the 50% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low.

Besides, there was a break above a major bearish trend line with resistance near $1,640 on the hourly chart of ETH/USD. The pair is now trading above $1,630 and the 100 hourly simple moving average.

It is also trading above the 76.4% Fib retracement level of the recent decline from the $1,672 swing high to $1,580 low. An immediate resistance on the upside is near the $1,670 level. The first major resistance is near the $1,680 level.

Source: ETHUSD on TradingView.com

A clear move above the $1,680 level could start a steady increase to $1,750. If the bulls remain in action, the price may perhaps rise towards the $1,800 resistance zone.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,670 resistance, it could start another bearish wave. An initial support on the downside is near the $1,620 zone and the 100 hourly simple moving average.

The next major support is near $1,580, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,550 support. Any more losses might call for a test of the $1,500 level.

Technical Indicators

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

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

Major Support Level – $1,580

Major Resistance Level – $1,670



Image and article originally from www.newsbtc.com. Read the original article here.