Tuesday, November 29, 2022
 

Green Signal for ETH As It Breaks $1600 Resistance Level

  • ETH flashed a good hike to $1,680.
  • The coin broke its resistance level of $1600 and is expected to further surge.
  • At present, ETH trades at $1,666.15.

With the crypto market fueling up and the forthcoming PoS merge, Ethereum marched higher to $1680 in intraday trading. This made the coin break a resistance level of $1,600 and surge by 6.27% in the past 24 hours, at press time.

The Ethereum Merge, which is expected to reduce energy consumption by 99.95%, will be launched soon in September. 

ETH/USDT- 1 -Day Trading Chart (Source: TradingView)

In the past day, ETH already crossed this resistance zone reaching a high of $1,631. Today, as mentioned, the coin shot up and reached the current price of $1,666. Although ETH could not become a part of the most surged coins in the past week, the coin is up by 5.66%.

Diving more, ETH overtook the $1,600 resistance zone also in the last days of June and a few other days in August. As is clear from the graph, on August 5, ETH surged and reached a peak of $2030 on August 14. But, in the following days, the coin had a  descending pattern. Later on, it rallied over the current resistance level before another downtrend.

ETH’s present uptrend is expected to hit $1723 and, for further surge, it must tap at another resistance level nearly at $2000.  Adding on, there is a trending pattern observed for ETH, as marked in the rectangle on the graph. This pattern developed from February to March and resembles the current pattern. Contextually, in that case, the coin would go for a good hike, as before.

However, while comparing the same trending pattern, there were also dips followed by the hike. Therefore, gaining the $2000 resistance zone is unpredictable.

Also, the 9-day EMA of ETH shows a crystal clear uptrend starting from August 29 until the past day. During this period, there was turbulence making hikes as well as slight dips.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • ETH flashed a good hike to $1,680.
  • The coin broke its resistance level of $1600 and is expected to further surge.
  • At present, ETH trades at $1,666.15.

With the crypto market fueling up and the forthcoming PoS merge, Ethereum marched higher to $1680 in intraday trading. This made the coin break a resistance level of $1,600 and surge by 6.27% in the past 24 hours, at press time.

The Ethereum Merge, which is expected to reduce energy consumption by 99.95%, will be launched soon in September. 

ETH/USDT- 1 -Day Trading Chart (Source: TradingView)

In the past day, ETH already crossed this resistance zone reaching a high of $1,631. Today, as mentioned, the coin shot up and reached the current price of $1,666. Although ETH could not become a part of the most surged coins in the past week, the coin is up by 5.66%.

Diving more, ETH overtook the $1,600 resistance zone also in the last days of June and a few other days in August. As is clear from the graph, on August 5, ETH surged and reached a peak of $2030 on August 14. But, in the following days, the coin had a  descending pattern. Later on, it rallied over the current resistance level before another downtrend.

ETH’s present uptrend is expected to hit $1723 and, for further surge, it must tap at another resistance level nearly at $2000.  Adding on, there is a trending pattern observed for ETH, as marked in the rectangle on the graph. This pattern developed from February to March and resembles the current pattern. Contextually, in that case, the coin would go for a good hike, as before.

However, while comparing the same trending pattern, there were also dips followed by the hike. Therefore, gaining the $2000 resistance zone is unpredictable.

Also, the 9-day EMA of ETH shows a crystal clear uptrend starting from August 29 until the past day. During this period, there was turbulence making hikes as well as slight dips.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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