Key Takeaways:
- Ether price is signaling a bullish break above the $1,620 resistance zone.
- ETH cleared a major bearish trend line with resistance near $1,600 on the 4-hour chart.
- The price could climb further higher above the $1,640 resistance.
Ethereum’s ETH climbed above the key $1,610 resistance. The price could rally if a move is above $1,640 and $1,650.
Ethereum Price (ETH) Eyes Key Reversal
Earlier this week, Ethereum saw a nasty decline below the $1,600 level against the US dollar. The ETH/USD pair declined below the $1,585 support level to enter a bearish zone.
The price even spiked below $1,540 and traded as low as $1,532. The bulls took a strong stand the price started a fresh increase above the $1,585 resistance. Ether cleared a major bearish trend line with resistance near $1,600 on the 4-hour chart.
The price is now trading above $1,620 and the 50 Simple moving average (4 hours, blue). The bulls seem to be facing a strong resistance near the $1,640 level.
The 50% Fib retracement level of the downward move from the $1,749 swing high to the $1,532 low is acting as a hurdle. Therefore, a successful close above the $1,620 resistance zone could start a fresh rally in the coming sessions.
The next major resistance could be $1,700 or the 76.4% Fib retracement level of the downward move from the $1,749 swing high to the $1,532 low, above which the price could rise toward the $1,750 resistance.
If the bulls overcome $1,750, Ethereum could drift toward $1,840. Any more gains could start a steady uptrend toward $1,920 or even $2,000.
Conversely, Ethereum might struggle to clear the $1,640 and $1,650 resistance levels. Immediate support is seen near the $1,620 level and the 50 Simple moving average (4 hours, blue). The next major support is near the $1,585 level.
If there is a close below $1,585, there is a risk of a larger decline. In the stated case, the price may perhaps test the $1,530 support. Any more losses below $1,530 could send the price toward the $1,420 zone.
Overall, Ethereum is eyeing a strong upward move. If ETH climbs above the $1,620 resistance, it could start a decent upward move. On the other hand, it could revisit the $1,585 support in the near term.
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