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Home»Analysis»Ethereum is dragged higher by Bitcoin, but can ETH overcome hurdles?
Analysis

Ethereum is dragged higher by Bitcoin, but can ETH overcome hurdles?

2023-10-23No Comments3 Mins Read
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The price of Ethereum started to rise significantly after Bitcoin gained strength against the US dollar. ETH is rising and could test the key resistance at USD 1,750.

  • Ethereum started a decent rise above the USD 1,650 resistance.
  • The price is trading above USD 1,660 and the 100-hourly Simple Moving Average.
  • A major bullish trendline is forming with support near $1,645 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further but could face strong resistance around $1,750.

Ethereum price reclaims $1,650

Ethereum remained above the USD 1,550 support zone. The recent pump in Bitcoin above the $28,500 resistance led to bullish moves in ETH. There was a steady rise above the USD 1,600 and USD 1,620 resistance levels.

The price has even crossed the key resistance zone at USD 1,650. A high is formed near USD 1,700 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $1,620 swing low to the $1,700 high.

Ethereum is now trading above $1,660 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support near $1,645 on the hourly chart of ETH/USD. The trendline is close to the 61.8% Fib retracement level of the upward move from the $1,620 swing low to the $1,700 high.

On the upside, the price is facing resistance around the $1,700 level. The first major resistance is near the $1,720 zone. The next major resistance is $1,750 where the bears could emerge. To continue higher, the price needs to break above the USD 1,750 resistance.

See also  Analyst Justin Bennett Issues Bitcoin Warning, Says BTC Goes Lower If Bulls Lose Momentum – This Is His Goal

Ethereum price

Source: ETHUSD on TradingView.com

In the mentioned case, Ether could start a strong rise towards the USD 1,880 resistance. Any further gains could open the doors for a move towards $2,000.

Disadvantage correction in ETH?

If Ethereum fails to clear the USD 1,700 resistance, it could initiate a downward correction. The initial downside support is near the $1,660 level.

The next major support is USD 1,645 and the trendline zone. A downside break below the USD 1,645 support could push the price further down. In the mentioned case, the price could decline towards the $1,620 level and the 100-hourly Simple Moving Average. Any further losses could perhaps send Ether towards the USD 1,550 level.

Technical indicators

hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.

RSI per hour – The RSI for ETH/USD is now above the 50 level.

Major support level – $1,645

Major resistance level – $1,700

Source link

Bitcoin dragged ETH Ethereum Higher hurdles Overcome
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