In the grand theater of cryptocurrency, Ethereum has embarked upon a fresh ascent, gracefully surpassing the $1,620 threshold. Now, like a cautious dancer, it consolidates its gains, perhaps eyeing the lofty heights above $1,680.
- Ethereum, that spirited creature, has begun a commendable rise, breaking free from the shackles of $1,600 and $1,620.
- It now frolics above $1,625, accompanied by the 100-hourly Simple Moving Average, as if it were a trusted companion on this journey.
- A new bullish trend line emerges, offering support at $1,625, much like a loyal friend in times of need, as seen on the hourly chart of ETH/USD (data courtesy of Kraken).
- Should it conquer the formidable $1,680 resistance, a fresh surge may be on the horizon, akin to a phoenix rising from the ashes.
Ethereum’s Aspirations for Greater Heights
Having established a sturdy base above $1,520, Ethereum has begun its ascent, reminiscent of its illustrious counterpart, Bitcoin. With vigor, it has breached the $1,580 and $1,600 barriers.
The bulls, in their exuberance, have propelled the price beyond the $1,650 mark. A peak was reached at $1,690, only for the price to embark on a slight retreat. Alas, it dipped below the $1,640 support, traversing beneath the 50% Fib retracement level of the upward journey from the $1,562 low to the $1,690 high.
Yet, the bulls remain vigilant near the $1,620 zone. Ethereum now dances above $1,625, buoyed by the 100-hourly Simple Moving Average. A new bullish trend line, like a guiding star, forms with support at $1,625 on the hourly chart of ETH/USD.
On the upward path, however, the price encounters obstacles near the $1,660 level. The next significant resistance looms at $1,680, while the first major resistance stands at $1,690. A decisive move above this threshold could propel the price towards the $1,750 resistance, as if it were a daring adventurer seeking new lands.
Should it break free above the $1,750 resistance, one might anticipate further gains in the forthcoming sessions. In such a scenario, Ether could ascend towards the $1,800 resistance zone or even reach the heights of $1,880 in the near future.
Will Ethereum Face Another Downturn?
However, if Ethereum falters in its quest to breach the $1,660 resistance, a descent may ensue. Initial support lies near the $1,620 level, with the first major support resting at the $1,610 zone, coinciding with the 61.8% Fib retracement level of the upward journey from the $1,562 low to the $1,690 high.
A clear retreat below the $1,610 support could send the price tumbling towards the $1,575 support. Should further losses occur, the price may find itself at the $1,550 support level in the near term. The next key support awaits at $1,500, like a safety net for the weary.
Technical Indicators
Hourly MACD – The MACD for ETH/USD appears to be losing its bullish momentum, much like a tired athlete nearing the finish line.
Hourly RSI – The RSI for ETH/USD now stands proudly above the 50 zone, a beacon of hope amidst uncertainty.
Major Support Level – $1,610
Major Resistance Level – $1,660
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2025-04-15 09:25