Key Takeaways:
- Ether’s price is struggling to clear the $1,650 resistance zone.
- ETH is still below a connecting bearish trend line with resistance near $1,650 on the 4-hour chart.
- The price could recover steadily if there is a close between $1,650 and $1,692.
NEW DELHI (CoinChapter.com) — Ethereum’s ETH is holding the $1,600 support zone. The price could soon make another attempt to start a recovery wave above $1,650.
Ethereum Price (ETH) Approaches Next Key Break
After facing rejection near $1,750, Ethereum trimmed all gains against the US dollar. The ETH/USD pair declined below the $1,680 and $1,650 levels to move into a bearish zone.
There was a close below the $1,650 level and the 50 Simple moving average (4 hours, blue). However, the bulls were able to protect a daily close below the $1,600 support zone. A low was formed near $1,602, and the price consolidated losses.
It seems like the price is facing a strong breakout resistance near the $1,650 level. Ethereum is now flirting with the 23.6% Fib retracement level of the downward move from the $1,748 swing high to the $1,602 low.
Besides, Ether is struggling below a connecting bearish trend line with resistance near $1,650 on the 4-hour chart. The 50 Simple moving average (4 hours, blue) also sits just above the trend line. Recently, Van Eck and ARK filled in for ETH Spot ETFs, increasing the chances of an upside break above the $1,650 resistance.
The SEC is under fire.
Van Eck and ARK filing for ETH Spot ETFs, Grayscale pushing hard for an immediate conversion to a spot ETF, losing every case in court and legislators starting to move on laws.
We won’t need to #FireGaryGensler. He will become so politically unpopular…
— The Wolf Of All Streets (@scottmelker) September 6, 2023
Therefore, a successful close above the $1,650 resistance zone could increase the chances of a steady upward move. The next major resistance could be $1,675, above which the price could rise toward the $1,690 resistance.
The 61.8% Fib retracement level of the downward move from the $1,748 swing high to the $1,602 low is at $1,692 to act as a hurdle. If the bulls overcome $1,692, ETH could drift toward $1,750. Any more gains could start a steady uptrend toward $1,850 or even $2,000.
Downside Break?
Conversely, Ethereum might struggle to clear the $1,650 and $1,692 resistance levels. Immediate support is seen near the $1,620 level.
The next major support is near the $1,600 handle. If there is a close below $1,600, there is a risk of a larger decline. The price may test the $1,440 support in the stated case. Any more losses below $1,440 could send the price toward the $1,350 zone.
Overall, Ethereum is eyeing a fresh increase. If ETH climbs above the $1,650 resistance, it could start a decent upward move. On the other hand, it could collapse below the $1,600 support.
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