Ethereum has broken through the resistance area that had been preventing it from reaching new highs, and the closing candles above this level have opened up more opportunities for buying.
In terms of the US dollar, Ethereum has surpassed the $1,600 barrier. ETH is consolidating gains and could rise to $1,680. Ethereum's price began to rise sharply above the $1,565 barrier level. ETH, like bitcoin, has broken through the $1,600 resistance zone and entered the positive zone.
The price has even surpassed the $1,650 level. The price challenged the $1,680 level, hit a high at $1,677, and is currently consolidating gains. Ether is currently trading above $1,630 and above the 21 hourly simple moving average. On the hourly chart of ETH, it is trading in a Bullish Pennant pattern, and a break of either side will decide the beginning of a new rally.
Ethereum prices had been trading inside an ascending parallel channel on the 4-hour chart. Buyers, on the other hand, strove to keep the market above the $1,500 support level, and were ultimately successful.
The $1,680 level provides immediate resistance which is the three month high. If Ethereum manages to break past the $1,680 barrier level, it could indicate the start of a new uptrend, potentially pushing the price towards $1,700 level. A close above $1,700 may fuel the rally and push towards $1,760 level, break above this level can lead towards $1,800 mark.
However, if Ethereum fails to break past the $1,680 barrier, it may fall further. The $1,640 level provides immediate support, followed by $1,600. If the price falls below $1,600, it could test the $1,550 support, and any further losses might lead to a test of the $1,500 level.
According to price analysis, the market capitalization of Ethereum is estimated to be around $203,970,278,433. The coin's 24-hour trading volume is approximately $9,066,425,353, indicating a 7.60% increase in market capitalization and a 42.76% surge in transaction volume during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $1,680-$1,720
SUPPORT LEVEL : $1,600-$1,560
After a slight correction, the bulls are in a bullish mood and heavy buying has been observed on the trading floor. Ethereum's price is currently trading near a three-month high. If the rally continues, could it reach the $2,000 mark? We'd love to hear your thoughts in the comments section below.