{"id":28647,"date":"2023-08-24T05:54:08","date_gmt":"2023-08-24T09:54:08","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28647"},"modified":"2023-08-24T05:54:08","modified_gmt":"2023-08-24T09:54:08","slug":"ethereum-price-could-see-liftoff-if-its-able-to-clear-one-crucial-level","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/24\/ethereum-price-could-see-liftoff-if-its-able-to-clear-one-crucial-level\/","title":{"rendered":"Ethereum Price Could See \u201cLiftoff\u201d if It\u2019s Able to Clear One Crucial Level"},"content":{"rendered":"

Ethereum price is recovering above the $1,650 resistance against the US Dollar. ETH could rise further if there is a clear move above the $1,700 resistance.<\/em><\/p>\n

Ethereum is moving higher above the $1,650 and $1,660 levels.
\nThe price is trading above $1,670 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance near $1,660 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to rise if it clears the $1,700 and $1,720 resistance levels.<\/p>\n

Ethereum Price Eyes Steady Recovery<\/h2>\n

Ethereum\u2019s price formed a support base above the $1,580 and $1,600 levels. ETH started a recovery wave and was able to rise above the $1,650 resistance, like Bitcoin<\/a>.<\/p>\n

There was a break above a key bearish trend line with resistance near $1,660 on the hourly chart of ETH\/USD. The pair is now struggling to clear the $1,700 resistance zone. A high is formed near $1,698 and the price is consolidating gains.<\/p>\n

Ether is trading above $1,670 and the 100-hourly Simple Moving Average<\/a>. It is also near the 23.6% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high.<\/p>\n\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

On the upside, the price might face resistance near the $1,700 level. The next resistance is near the $1,720 zone. A successful close above the $1,700 and $1,720 levels could start a fresh lift-off. The next major resistance is near the $1,780 level. Any more gains might send the price toward the $1,820 resistance.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,670 level and the 100-hourly Simple Moving Average.<\/p>\n

The first major support is near the $1,550 zone. The next key support is near the 50% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high at $1,640. If there is a downside break below $1,640, there could be more losses. The next major support is near the $1,600 support level. Any more losses might send the price toward the $1,580 level or even to a new low below $1,550.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,640<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is recovering above the $1,650 resistance against the US Dollar. ETH could rise further if there is a clear move above the $1,700 resistance.<\/em><\/p>\n

Ethereum is moving higher above the $1,650 and $1,660 levels.
\nThe price is trading above $1,670 and the 100-hourly Simple Moving Average.
\nThere was a break above a key bearish trend line with resistance near $1,660 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could continue to rise if it clears the $1,700 and $1,720 resistance levels.<\/p>\n

Ethereum Price Eyes Steady Recovery<\/h2>\n

Ethereum\u2019s price formed a support base above the $1,580 and $1,600 levels. ETH started a recovery wave and was able to rise above the $1,650 resistance, like Bitcoin<\/a>.<\/p>\n

There was a break above a key bearish trend line with resistance near $1,660 on the hourly chart of ETH\/USD. The pair is now struggling to clear the $1,700 resistance zone. A high is formed near $1,698 and the price is consolidating gains.<\/p>\n

Ether is trading above $1,670 and the 100-hourly Simple Moving Average<\/a>. It is also near the 23.6% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high.<\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

On the upside, the price might face resistance near the $1,700 level. The next resistance is near the $1,720 zone. A successful close above the $1,700 and $1,720 levels could start a fresh lift-off. The next major resistance is near the $1,780 level. Any more gains might send the price toward the $1,820 resistance.<\/p>\n

Another Drop in ETH?<\/h2>\n

If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,670 level and the 100-hourly Simple Moving Average.<\/p>\n

The first major support is near the $1,550 zone. The next key support is near the 50% Fib retracement level of the recent increase from the $1,580 swing low to the $1,698 high at $1,640. If there is a downside break below $1,640, there could be more losses. The next major support is near the $1,600 support level. Any more losses might send the price toward the $1,580 level or even to a new low below $1,550.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,640<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28647","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28647"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28647\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28647"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}