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Ethereum Price Could See “Liftoff” if It’s Able to Clear One Crucial Level

Ethereum Price Could See “Liftoff” if It’s Able to Clear One Crucial Level

Ethereum

Ethereum price is recovering above the $1,650 resistance against the US Dollar. ETH could rise further if there is a clear move above the $1,700 resistance.

Ethereum Price Eyes Steady Recovery

Ethereum’s price formed a support base above the $1,580 and $1,600 levels. ETH started a recovery wave and was able to rise above the $1,650 resistance, like Bitcoin.

There was a break above a key bearish trend line with resistance near $1,660 on the hourly chart of ETH/USD. The pair is now struggling to clear the $1,700 resistance zone. A high is formed near $1,698 and the price is consolidating gains.

Ether is trading above $1,670 and the 100-hourly Simple Moving Average. It is also near the 23.6% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high.

Source: ETHUSD on TradingView.com

On the upside, the price might face resistance near the $1,700 level. The next resistance is near the $1,720 zone. A successful close above the $1,700 and $1,720 levels could start a fresh lift-off. The next major resistance is near the $1,780 level. Any more gains might send the price toward the $1,820 resistance.

Another Drop in ETH?

If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,670 level and the 100-hourly Simple Moving Average.

The first major support is near the $1,550 zone. The next key support is near the 50% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high at $1,640. If there is a downside break below $1,640, there could be more losses. The next major support is near the $1,600 support level. Any more losses might send the price toward the $1,580 level or even to a new low below $1,550.

Technical Indicators

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

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

Major Support Level – $1,640

Major Resistance Level – $1,700

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