Ethereum price calms down after bullish wave
The price of Ethereum increased to more than $1,620. After this rally, investors are consolidating profits and another bullish wave towards $1,720 may be ahead.
According to Valx and quoted by NewsBTC, everything started when Ethereum crossed the important resistance of $1,500. With the continuation of this trend and the breaking of $1,600, the price increase accelerated, similar to Bitcoin.
This bull market caused the Ethereum price to reach over $1,650, well above its 100-hour simple moving average. This trend led to a new record for the highest annual price of Ether ($1679). The market situation is now a little out of the inflammation and is correcting the profit. We saw a slight correction of the price below the $1,650 level.
The price of Ethereum has fallen below the key level of the 23.6% Fibonacci retracement indicator (drawn between $1,480 and $1,679). Also, the price of Ether broke down the uptrend line formed in the hourly chart.
The price of the focal point is traded above 1600 dollars. The primary resistance is near the $1,650 range and the mentioned trend line.
The next major resistance is near $1,680. Analysis of Ethereum shows that the unspoken failure of this resistance could be the start of a new bullish wave. The targets of this hypothetical rise can be the levels of 1720, 1788 and 1800 dollars, respectively.
On the other hand, if ether fails to cross the $1,650 barrier, its support will be at the $1,600 level. The next key supports are at the $1,580 and $1,520 levels. The first support is in step with the 50% Fibonacci retracement level.
The MACD indicator on the Ethereum hourly chart is now in the bearish zone and is decelerating and reversing. The relative strength index is above the 50 level.
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