AI Trading
  • 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.

AI Trading

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
AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.