- Ethereum’s price remains supported above $1,550, breaking key resistance levels at $1,580 and $1,600.
- ETH/USD pair broke a crucial bearish trend line, but faces bearish activity below the $1,650 resistance.
- If Ethereum closes above the $1,750 resistance, it could make a significant leap toward the $1,880 level.
Ethereum’s price continues to show signs of promise, remaining well-supported above the critical $1,550 mark. In a gradual climb, Ethereum broke through resistance levels at $1,580 and $1,600.
Source: TradingView
The ETH/USD trading pair shattered a key bearish trend line and even overcame the $1,620 resistance. However, bearish forces linger beneath the $1,650 level.
Ethereum currently trades above the 23.6% Fib retracement level of its recent upswing. On the upside, $1,635 looms as the next resistance, followed by the significant $1,650 and $1,670 levels.
A close above these points could catapult Ethereum toward a bullish trend, with the next formidable hurdle at the $1,750 level. Surpassing this could see Ethereum soaring toward $1,880.
Looking ahead, Ethereum is well-positioned to become the backbone of decentralized finance (DeFi) and smart contracts. Its resilient price performance and potential for scalability bode well for its future, particularly as it transitions to Ethereum 2.0. The journey toward higher valuation appears optimistic.
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