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Ethereum (ETH) Faces Uphill Task, Can Bulls Push It Above $1,600?

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Aayush Jindal

Key Highlights

  • Ethereum trimmed most gains and settled below $1,650.
  • ETH price is struggling to climb above $1,600 and $1,635 on the 4-hour chart.
  • Bitcoin price is reversing gains that occurred after fake news of spot ETF approval.
  • Gold price extended its rally and climbed above the $1,950 resistance.

Ethereum Technical Analysis

Ethereum started a fresh decline below the $1,650 support. ETH price tested the $1,500 region and is currently attempting a fresh increase. However, it is facing many hurdles near $1,600.

Looking at the 4-hour chart, the price recovered from $1,515. There was a move above the $1,550 resistance. The price even spiked toward $1,630 along with Bitcoin after fake news of spot ETF approval hit the market.

Ether trimmed all gains and failed to clear the 50% Fib retracement level downward move from the $1,751 swing high to the $1,516 low.

It is now trading below a key bearish trend line with resistance near $1,590. It seems like Ethereum bulls are facing many hurdles near $1,600 and the 100 simple moving average (red, 4 hours). The next major resistance is near $1,630.

A successful close above the $1,630 level might spark a decent increase. In the stated case, the price may perhaps rise toward the $1,660 level. The next stop for the bulls may perhaps be near the $1,750 level.

If not, the price might continue to decline toward the $1,530 level. The next major support is near $1,500, below which the price could slide toward $1,420.

Looking at gold prices, there was a strong increase above the $1,940 and $1,950 resistance levels amid the ongoing Israel-Hamas war.

Economic Releases

  • US Initial Jobless Claims - Forecast 212K, versus 209K previous.
  • Fed's Chair Powell speech.
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