By Nathan Ferguson
- Ethereum secured support for around $1,580 and launched new uptrends.
- ETH hovers beyond $1,630 and 100hr Simple Moving Average.
- Moreover, the 1-hour chart confirms a break past a massive bearish line with resistance at $1,640.
- Overcoming $1,670 and $1,680 might see ETH on a new rally.
Ethereum stayed well beyond the $1,550 mark. The second largest crypto is surging and could gain upside momentum upon a decisive move beyond the $1,670 mark.
ETH Ready for Upside Break
Ethereum welcomed another plunge beneath $1,650. It even explored value areas at the $1,600 support. Meanwhile, the alternative token limited downward movements as it embarked on upsides. The price hovered inside a range and remained well positioned beyond the $1,550 foothold.
Ethereum formed a low at around $1,580 and is now surging. The crypto recorded a decisive move past $1.6K and the $1,620 zone. That saw ETH price clearing the 50% Fibonacci retracement mark of the latest fall from $1,672 to $1,580. Furthermore, ETH/USD’s hourly chart indicated a breaking past a crucial bearish line with a resistance of $1,640. The pair changes hands beyond $1,630 and the 100hr SMA.
Also, Ethereum trades beyond the 76.4% Fibonacci retracement mark of the latest drop from $1,672 to the lows of $1,580. The alt has its closest resistance to the upside at $1,670. Meanwhile, the initial crucial resistance stands at $1,680.
A decisive move past $1,680 might welcome stable upsurges towards the $1,750 value area. Bulls ensuring persistence would mean extended surges to the resistance at $1,800.
New Plummets in Ethereum?
Ethereum might witness another bearish move if it fails to climb beyond the resistance at $1,670. Downward tendencies would encounter an initial support level at $1,620 and the 100hr SMA. Losing grounds at this mark would see the foothold at $1,580 in play. More downtrends would place ETH at $1,550 before contemplating the next moves.
Meanwhile, Ethereum enthusiasts should evaluate broad market sentiment for lucrative projections. Though steady short-term uptrends, the crypto world remains weak and susceptible to declines. Macroeconomic factors remain deteriorated, translating to a challenging upside path for digital tokens. However, time will reveal everything.
ETH Technical Indicators
- 1hr MAC losses strength inside a bullish area.
- 1hr RSI sways beyond the 50-mark.
- Crucial support – $1,580
- Critical resistance $1,670