Ethereum Price Could See Lift-off Unless This Support Gives Way

2023-09-07 04:19:15

Ethereum price is eyeing an upside break above $1,650 against the US Dollar. ETH must stay above $1,600 to start a fresh increase in the near term.

Ethereum is slowly moving higher from the $1,620 support zone.
The price is trading above $1,632 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support near $1,622 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if there is a close above the $1,650 resistance.

Ethereum Price Eyes Fresh Increase

Ethereum’s price saw a couple of swing moves below the $1,650 resistance zone. ETH even spiked toward $1,665 but the bears remained active. There was a fresh decline, and the price retested the $1,600 support zone.

It is again moving higher above $1,620, like Bitcoin. Ether is now trading above $1,632 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support near $1,622 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,645 level. It is close to the 50% Fib retracement level of the recent drop from the $1,668 swing high to the $1,624 low.

The next resistance is near the $1,650 level or the 61.8% Fib retracement level of the recent drop from the $1,668 swing high to the $1,624 low, above which the price could rise toward the $1,665 level. The next major hurdle is near the $1,700 level.

Source: ETHUSD on TradingView.com

A close above the $1,700 level might push Ethereum further higher. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.

Another Decline in ETH?

If Ethereum fails to clear the $1,650 resistance, it could start another decline. Initial support on the downside is near the $1,630 level and the 100-hourly Simple Moving Average.

The first key support is close to $1,620 and the trend line. The next key support is $1,600. A downside break below $1,600 might put bears in control. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could revisit the key $1,540 support level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

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

Major Support Level – $1,600

Major Resistance Level – $1,650

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