ETHEREUM PRICE ANALYSIS-$1,620: Is $1650 Impeding Bullish Momentum?

ETH faces resistance at $1650, hindering its advance.

Despite increasing indications that the Federal Reserve might increase interest rates, Ethereum continues its impressive upward trajectory. ETH/USD has defied expectations by surpassing the critical resistance level of 1,600, even after briefly dipping to 1,531 earlier in the week. Notably, this remarkable ascent has taken place in spite of a Consumer Price Index (CPI) report that exceeded initial forecasts.

On The Daily Chart:

Ethereum is gradually advancing above $1,600 against the US Dollar, showing potential for a bullish trend unless it drops below $1,550. It found strong support at $1,550 and moved upwards, breaching the $1,580 and $1,600 resistance levels, similar to Bitcoin's performance. The hourly chart for ETH/USD reveals a significant breakthrough of a key bearish trend line around $1,620. Although the price reached a high point of approximately $1,638, bearish pressure persists below the $1,650 level. Currently, Ethereum is trading above $1,600 and the 100-hourly Simple Moving Average.

On The 4-Hour Chart:

Ethereum is currently enclosed within a Descending Triangle pattern when observed on the 4-hour chart. The recent trend for Ethereum has been characterized by decreasing highs and lows, implying the possibility of further downward movement. On the 4-hour chart, it's evident that after several weeks of testing, the price has breached the critical $1,650 support zone and is currently retracing towards it. If the price manages to surpass this level, a potential rally to $1,750 may come into play. However, failure to break above this level could indicate a more substantial decline is on the horizon.

According to Coingabbar Price Analysis, Ethereum's market capitalization is currently valued at approximately $194,882,794,910. The projected 24-hour trading volume is estimated to be around $7,932,521,453.

KEY LEVELS :

RESISTANCE LEVEL : $1,650-$1,700

SUPPORT LEVEL : $1,580-$1,530

Is Ethereum poised for more ups or downs? Could the recent 6-month low be just the beginning of a prolonged decline? Will Ethereum dip below $1,500 this week? Is it wise to enter the Ethereum market above $1,650? Share your thoughts in the comments.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.