Ethereum Price Nears Make-or-Break Resistance, Can Bulls Make It?

2023-09-15 04:38:55

Ethereum price is eyeing a key upside break above $1,650 against the US Dollar. ETH could gain bullish momentum if there is a close above $1,650 and $1,670.

Ethereum is moving higher toward the $1,650 resistance.
The price is trading above $1,610 and the 100-hourly Simple Moving Average.
There is a short-term rising channel forming with support near $1,630 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could rise steadily if there is a close above $1,650 and $1,670.

Ethereum Price Eyes Upside Break

Ethereum’s price formed a base above the $1,580 level and extended its increase. ETH traded above the $1,620 resistance to move into a positive zone, like Bitcoin.

The price is now trading near a key barrier at $1,650, above which it could accelerate higher. Ether is now trading above $1,610 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the recent increase from the $1,582 swing low to the $1,644 high.

Besides, there is a short-term rising channel forming with support near $1,630 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,645 level. The next resistance is near the $1,650 level. A close above the $1,650 resistance might push the price toward the $1,670 resistance.

Source: ETHUSD on TradingView.com

To start a steady increase, the price must settle above the $1,670 resistance. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher toward $1,880.

Another Rejection 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 channel trend line.

The first key support is close to $1,610, the 100-hourly Simple Moving Average, and the 50% Fib retracement level of the recent increase from the $1,582 swing low to the $1,644 high. The next key support is $1,580. A downside break below $1,580 might start another bearish wave. In the stated case, the price could even decline toward the $1,520 level in the near term.

Technical Indicators

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

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

Major Support Level – $1,610

Major Resistance Level – $1,650

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