{"id":29333,"date":"2023-09-08T04:52:50","date_gmt":"2023-09-08T08:52:50","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29333"},"modified":"2023-09-08T04:52:50","modified_gmt":"2023-09-08T08:52:50","slug":"ethereum-price-is-showing-early-signs-of-fresh-rally-but-1670-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/08\/ethereum-price-is-showing-early-signs-of-fresh-rally-but-1670-is-the-key\/","title":{"rendered":"Ethereum Price is Showing Early Signs of Fresh Rally But $1,670 is the Key"},"content":{"rendered":"

Ethereum price is eyeing an upside break above $1,650 against the US Dollar. ETH could gain bullish momentum if it clears $1,650 and $1,670 in the near term.<\/em><\/p>\n

Ethereum is slowly moving higher above the $1,620 support zone.
\nThe price is trading above $1,640 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,625 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if there is a close above the $1,650 and $1,670 resistance levels.<\/p>\n

Ethereum Price Eyes Upside Break<\/h2>\n

Ethereum\u2019s price remained stable above the $1,620 support zone<\/a>. ETH formed a base and made another attempt to clear the $1,650 resistance, like Bitcoin<\/a>.<\/p>\n

There was a spike above the $1,650 resistance zone but the bulls struggled near the next hurdle at $1,670. A high was formed near $1,669 before the price trimmed gains. It traded below the $1,650 level. The bears pushed it below the 50% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.<\/p>\n

However, the bulls protected the $1,640 zone. It is close to the 61.8% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.<\/p>\n

Ether is now trading above $1,640 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support near $1,625 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,650 level.<\/p>\n\n

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

The next resistance is near the $1,670 level, above which the price could rise toward the $1,720 level. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher. The next resistance might be near $1,820. Any more gains might send the price toward the $1,880 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,670 resistance, it could start another decline. Initial support on the downside is near the $1,642 level.<\/p>\n

The first key support is close to $1,635 and the 100-hourly Simple Moving Average. The next key support is $1,625 and the trend line. A downside break below $1,625 might push it to $1,600. If there is a downside break below $1,600, the price could revisit the key $1,540 support level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining 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 $1,625<\/p>\n

Major Resistance Level \u2013 $1,670<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum price is eyeing an upside break above $1,650 against the US Dollar. ETH could gain bullish momentum if it clears $1,650 and $1,670 in the near term.<\/em><\/p>\n

Ethereum is slowly moving higher above the $1,620 support zone.
\nThe price is trading above $1,640 and the 100-hourly Simple Moving Average.
\nThere is a key bullish trend line forming with support near $1,625 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could start a decent increase if there is a close above the $1,650 and $1,670 resistance levels.<\/p>\n

Ethereum Price Eyes Upside Break<\/h2>\n

Ethereum\u2019s price remained stable above the $1,620 support zone<\/a>. ETH formed a base and made another attempt to clear the $1,650 resistance, like Bitcoin<\/a>.<\/p>\n

There was a spike above the $1,650 resistance zone but the bulls struggled near the next hurdle at $1,670. A high was formed near $1,669 before the price trimmed gains. It traded below the $1,650 level. The bears pushed it below the 50% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.<\/p>\n

However, the bulls protected the $1,640 zone. It is close to the 61.8% Fib retracement level of the upward move from the $1,625 swing low to the $1,669 high.<\/p>\n

Ether is now trading above $1,640 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support near $1,625 on the hourly chart of ETH\/USD. On the upside, the price might face resistance near the $1,650 level.<\/p>\n

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

The next resistance is near the $1,670 level, above which the price could rise toward the $1,720 level. The next major hurdle is near the $1,750 level. A close above the $1,750 level might send Ethereum further higher. The next resistance might be near $1,820. Any more gains might send the price toward the $1,880 resistance.<\/p>\n

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

If Ethereum fails to clear the $1,670 resistance, it could start another decline. Initial support on the downside is near the $1,642 level.<\/p>\n

The first key support is close to $1,635 and the 100-hourly Simple Moving Average. The next key support is $1,625 and the trend line. A downside break below $1,625 might push it to $1,600. If there is a downside break below $1,600, the price could revisit the key $1,540 support level.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is slowly gaining 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 $1,625<\/p>\n

Major Resistance Level \u2013 $1,670<\/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-29333","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\/29333","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=29333"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29333\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29333"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}