Ethereum indicators suggest that the price of the cryptocurrency is planning to move to the ,800 mark.
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Ethereum has broken over the $1,650 barrier level against the US dollar. If ETH remains above the $1,625 support, it may move higher towards $1,800, as we said above.
Ethereum was able to gradually rise above $1,640 and $1,650.
The price is currently trading over $1,650 as well as the 100 hourly simple moving average.
On the hourly chart of ETH/USD, a significant rising channel with support at $1,645 is forming.
If the pair remains above the $1,625 support level, it may continue to rise. Ethereum indicators suggest that the price of the cryptocurrency is planning to move upwards.
ETH Price Starts Recovery
Ethereum has begun an upward reversal over the $1,600 resistance level. ETH has risen over the $1,620 and $1,625 marks, paving the way for more increases.
The price breached the 23.6% Fib retracement level of the major slide from the swing high of $1,880 to the low of $1,524. The price of ether even broke above the $1,650 barrier level and settled above the 100 hourly simple moving average. Finally, it traded towards the $1,700 resistance level, when bears formed.
The price is currently trading over $1,650 as well as the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant rising channel with support at $1,645 is also forming.
On the upside, an immediate resistance is at $1,680. Near the $1,700 mark, the first substantial barrier is building. It is close to the 50% Fib retracement level of the major slide from the swing high of $1,880 to the low of $1,524. A decisive break over $1,700 might kick-start a persistent rise.
The next big barrier is at $1,745; over this level, the price might acquire positive momentum and ascend to test the $1,800 resistance.
Will There Be A Fresh Drop In ETH?
If Ethereum fails to break through the $1,700 barrier, it may begin a new drop. The 100 hourly simple moving average and the channel trend line provide early support on the downside.
The next key support is at $1,625, below which the price of ether may begin to fall. In the aforementioned scenario, the price may fall to $1,550. Any more losses might pave the way for a move towards the $1,520 mark.
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