Ethereum Price Stages Recovery, But Can It Overcome This Key Hurdle?

Ethereum is showing promising signs of a potential bounce-back after staying rooted above the $1,565 support level. Following Bitcoin’s lead, Ethereum is moving cautiously, building momentum towards breaking crucial resistance points.

Recent developments saw Ethereum ascend past the $1,580 and $1,590 marks. Significantly, the price surpassed the 23.6% Fib retracement level stemming from a drop between the highs of $1,669 and lows of $1,565. Moreover, Ethereum broke free from a significant bearish trend line, encountering resistance near $1,590 on the ETH/USD hourly chart.

Currently, Ethereum is trading north of the $1,590 mark and remains buoyed by the 100-hourly Simple Moving Average. As we look upwards, immediate resistance lurks at the $1,600 bracket.

A more substantial barrier awaits at $1,620, aligning with the recent slide’s 50% Fib retracement level from $1,669 to $1,565. If Ethereum pours through the $1,620 resistance, the CRYPTOCURRENCY might set its sights higher, moving toward the $1,650 and $1,660 zones. A triumphant surge past $1,660 could pave the way for Ethereum to target the $1,720 region, potentially reaching the $1,800 mark.

Possible Setbacks for Ethereum

However, if Ethereum struggles to clear the $1,620 hurdle, the CRYPTOCURRENCY might be prone to a downward slide. In such a scenario, Ethereum could find initial support at $1,580. A further decline might retest the $1,565 support. Should this foundation give way, Ethereum could plummet to $1,540. A sustained move below this could spell significant trouble, propelling Ethereum into a deeper dive, potentially touching the $1,440 region.

Technical indicators

Hourly MACD: Ethereum’s MACD is currently seeing a reduced bearish momentum.

Hourly RSI: The RSI for Ethereum has climbed, now sitting above the 50 mark.

Key Support Level: $1,565

Key Resistance Level: $1,620

Ethereum’s immediate future rests on its ability to break and maintain above these pivotal resistance points. Traders and investors will be eagerly watching.

 

The post Ethereum Price Stages Recovery, But Can It Overcome This Key Hurdle? appeared first on BitcoinWorld.

Comments

Post a Comment

Popular posts from this blog

Bitcoin Struggles Above $23,000 And Faces Rejection At $24,000

Image
Mar 02, 2023 at 10:00 // Price Author Coin Idol Bitcoin (BTC) price has continued to hold above the moving average lines after being rejected at the $24,000 resistance level. Bitcoin price long-term forecast: bullish Buyers have tried twice unsuccessfully to break the recent high. However, if the price bars remain above the moving average lines, the current retest could continue. Today, the 21-day line SMA has pulled back to the upside, and the comeback will allow BTC to rise above $24,000 and reach a high of $25,000. However, if the $25,000 level is broken, the
Read more

Former SEC attorney John Reed Stark urges DOJ to ‘wake up’ and prosecute crypto-grifters

A former attorney of the U.S. Securities and Exchange Commission (SEC) believes prosecution by the Department of Justice (DOJ) is necessary to deal with crypto grifters. John Reed Stark, who spent 15 years as an SEC enforcement attorney leading cyber-related investigations, says crypto criminals treat regulatory enforcement with levity. DOJ prosecution in crypto-related fraud cases was lacking compared to the numerous enforcement actions by the SEC, he wrote on X. The situation is “mind-boggling,” Stark added. SBF’s Mom and Dad: Criminal Beneficiaries, Profiteers, Conspirators and Enablers I served for almost 20 years as an attorney in the SEC Division of Enforcement (including 11 years as Chief of the SEC’s Office of Internet Enforcement) and led dozens of SEC prosecutions with… pic.twitter.com/pElbR2wUeX — John Reed Stark (@JohnReedStark) September 23, 2023 Stark’s statement on X The former SEC official also pointed out the attitude of some major stakeholders and companies in
Read more

FBI alarms crypto victims as scammers impersonate venture capital executives on Telegram

Malicious actors have started targeting crypto victims on Telegram, luring them to believe they’re dealing with venture capital investors. Crypto scammers are distributing a malicious software impersonating legitimate venture capital (VC) investors on Telegram. In an X post on Monday, Dec. 4, 2023, Alexandre Masmejean, CEO of Showtime, a crypto marketplace for creators, said he was contacted by FBI agents from the Los Angeles department by phone, who strongly encouraged him to “turn off my WiFi, rotate my wallets, change all my passwords, move my files to a hard drive and entirely wipe out my compromised MacBook.” My experience with the FBI: a wake-up call to public-facing crypto people. “Hey, are you Alexandre Masmejean, CEO of Showtime Technologies, Inc? This is the FBI calling in from Los Angeles.” Last week I had a very strange call that surprised me so much I didn’t know whether I… pic.twitter.com/5TgkCcKfgr — Alex Masmej 🪙 (@AlexMasmej) December 3, 2023 Having verifi
Read more