Ethereum Price Holds Steady After Rally – More Gains Ahead?
Key Highlights:
Ethereum (ETH) surged past $1,580 and $1,620 before correcting slightly.
ETH is currently trading below $1,620 and the 100-hour SMA.
A downward trendline resistance forms at $1,640 (ETH/USD hourly chart).
A breakout above $1,665 could trigger another bullish wave.
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Recent Price Action: Ethereum followed Bitcoin’s bullish path, establishing a strong base above $1,500. It quickly climbed beyond key resistance levels at $1,550, $1,580, and even briefly above $1,620—touching a high near $1,668.
However, it faced resistance and started a downside correction:
Fell below $1,650 support
Dropped beneath the 23.6% Fib retracement from $1,482 to $1,668
Now trades under $1,600 and 100-hour SMA
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What’s Next?
Bullish Scenario:
Resistance levels:
$1,640 – Immediate trendline resistance
$1,665 – Key breakout zone
$1,680 – Major resistance
$1,720 – Bullish trigger level
Above $1,720: ETH could rally to $1,750 or even $1,800 in the short term.
Bearish Scenario:
Support levels:
$1,600 – Initial support
$1,575 – Key level, aligns with 50% Fib retracement
$1,550 and $1,520 – Next supports
$1,480 – Critical support zone
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Technical Indicators:
MACD (Hourly): Losing bullish momentum
RSI (Hourly): Still above 50 – bullish bias intact
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Summary: ETH/USD must clear $1,640 and $1,665 for a potential breakout. If successful, the path to $1,720+ opens. Failure to hold $1,600 could send ETH back to $1,550 or lower.
Stay tuned—Ethereum’s next move could be big!