Ethereum’s uphill battle to surpass the $1,700 mark against the US Dollar is met with uncertainty. As Ethereum investment accumulates, attention turns to the critical $1,620 support level.
The quest for free Ethereum’s price to climb above crucial resistance points of $1,680 and $1,700 remains unfulfilled. With the price trading below $1,670 and the 100-hourly Simple Moving Average, the uphill journey seems challenging. A bearish trend line takes form with resistance close to $1,665 on the hourly Ethereum price in USD chart (data feed via Kraken). A promising upward movement beyond resistance levels of $1,670 and $1,700 could initiate a substantial recovery.
Ethereum’s price embarked on a minor short-term recovery above the $1,650 threshold. Although it briefly surpassed $1,670, bearish pressure near the $1,700 zone mirrored Bitcoin’s situation.
Having reached a peak at $1,698, the price retraced lower. The decline pushed it below the $1,670 mark. Additionally, it tested the 50% Fib retracement level from the $1,580 swing low to the $1,698 high. Currently below $1,670 and the 100-hourly Simple Moving Average, the price forms a bearish trend line with resistance around $1,665 on the hourly Ethereum in pound chart.
Anticipating resistance near the $1,670 level and the trend line zone, the subsequent barrier lies at the $1,700 threshold. To commence a significant recovery, the price needs to stabilize above $1,700. This paves the way for further ascent, targeting $1,780 and potentially $1,820. If the momentum persists, $1,920 might be within reach.
However, if Ethereum falters at the $1,700 hurdle, it might continue its descent. Initial support looms around the $1,640 level. The primary support resides at approximately $1,620 or the 61.8% fib retracement level from the $1,580 swing low to the $1,698 high. Subsequently, the crucial support emerges around $1,600. Further losses may push the price towards $1,520 or even $1,440 and $1,320.
Ethereum’s price pattern exhibits an ascending trend interspersed with short declines. This pattern, if upheld, could lead to a decline before a substantial rise. The Bollinger bandwidth, an indicator of volatility, for Ethereum is at its narrowest since 2018, potentially heralding a major move. Yet, the direction ETH will take remains uncertain, a reminder of the market’s unpredictability.
In the coming months, Ethereum investment anticipates significant releases, including the launch of “Holesky,” a new testnet. Scheduled for September 15, 2023, at 2:00 p.m. UTC, Holesky will debut with 1,460,000 validators at its genesis, marking Ethereum’s most extensive public network to date. The testnet will run for several years, with end-of-life (EOL) support till 2028 and long-term service (LTS) support until 2027. The introduction of Holesky will mark the sunset of Ethereum’s Goerli testnet.
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