Technical Analysis of Ethereum Price: Critical Support at $1,650
Ethereum price appears to be holding strong at the crucial support level of $1,650. The ETH price is once again struggling to stay above this level. Let's take a look at the latest developments in the ETH/USD pair and the key support and resistance levels.
Current Ethereum Technical Analysis: What's next for ETH price?
Ethereum (ETH) price reached the resistance level of $1,650 during the month of January. For roughly two weeks, this resistance level has been blocking any upward movements and reversing all upward swings. As a result, a trading range was formed between the $1,500 support and the $1,650 resistance. However, in the past few days, the leading altcoin Ethereum is making an effort to break above this critical level. The price reached as high as $1,714 yesterday and then climbed to $1,676.
On the daily chart of the ETH/USD pair, we see that Ethereum price has been experiencing sudden spikes and dips below $1,650 for a while. These dips usually find support at $1,550. The upward swings get stopped at the $1,650 resistance. Of course, there have been some swings towards $1,700 in the past two days. In fact, yesterday's green daily candle closed at $1,664 for the first time above the $1,650 resistance. Now, this level needs to be confirmed as support.
Support and Resistance Levels for Ethereum Price
For the short-term support and resistance levels that have formed in the Ethereum price, let's look at the 4-hour chart of the ETH/USD pair. On this chart, we see that the $1,650 level, which previously served as the main resistance, is now being tested as the first short-term support. This suggests that after consolidating here, a new upward movement towards $1,700 could follow. Of course, for this to happen, the support needs to hold and the consolidation needs to be completed here.
Following the latest developments, the first short-term support for the Ethereum price is now seen around $1,650. However, below that, we see that the 50 SMA and 100 SMA lines intersect at $1,600. So this level could start providing support as well. The main support is at $1,550. The first short-term resistance is now again at $1,665. The main resistance region can be focused on $1,700.
In summary, the key support and resistance levels for Ethereum are as follows:
Support levels: $1,650 and $1,600
Resistance levels: $1,665 and $1,700