Ethereum price successfully maintained its position above the $1,600 support level and initiated a new upward movement, similar to Bitcoin. ETH price accelerated towards a breakthrough above $1,620 and $1,640. The price even climbed toward $1,740. A high was established at $1,731, and the price is currently solidifying gains above the 23.6% Fibonacci retracement level of the upward movement from the $1,603 swing low to the $1,731 high. Additionally, a bullish trend line is emerging, with support identified at $1,665 on the hourly chart of ETH/USD.
Ethereum price is currently positioned above $1,680 and the 100-hourly Simple Moving Average. If the bulls maintain their momentum above $1,665, the price may seek to rise further. Immediate resistance is observed around the $1,720 level. The initial significant resistance is around the $1,740 mark. The next significant resistance is around the $1,780 level. A decisive breakthrough past the $1,780 resistance could propel the price toward the $1,850 resistance level. An upside break above the $1,850 region could indicate potential for further gains in the upcoming days. In the given scenario, Ether may potentially advance towards the $1,880 resistance level or possibly reach $1,920 in the short term.
If Ethereum fails to surpass the $1,740 resistance level, it may initiate a downward correction. Initial support on the downside is positioned around the $1,680 level. The initial significant support is located around the $1,665 area and the trend line. The trend line is also positioned close to the 50% Fibonacci retracement level of the upward movement from the $1,603 swing low to the $1,731 high. A clear move below the $1,665 support could drive the price down to the $1,650 support level. Further losses could push the price down to the $1,620 area. The primary support level may be $1,600.