Ethereum Surges 11% to $1,668, Faces Resistance at $1,640

Ethereum's price has recently shown a significant increase, surpassing the $1,580 mark and consolidating gains. The cryptocurrency is now trading below $1,620 and the 100-hourly Simple Moving Average, indicating a period of stabilization after its upward momentum. A new connecting bearish trend line is forming with resistance at $1,640 on the hourly chart of ETH/USD, suggesting potential hurdles for further gains.

Ethereum's recent price action has been characterized by a fresh increase above the $1,500 level, mirroring the upward trend seen in Bitcoin. The cryptocurrency gained traction, surging past the $1,550 and $1,580 resistance levels. The bullish momentum even pushed the price above the $1,620 zone, reaching a high of $1,668 before initiating a downward correction. The price dipped below the $1,650 support zone and the 23.6% Fib retracement level of the upward move from the $1,482 swing low to the $1,668 high.

Currently, Ethereum is trading below $1,600 and the 100-hourly Simple Moving Average. On the upside, the price faces resistance near the $1,640 level, with a new connecting bearish trend line forming at this point. The next key resistance is near the $1,665 level, followed by the $1,680 level. A clear move above the $1,680 resistance could propel the price toward the $1,720 resistance, with potential gains extending to the $1,750 resistance zone or even $1,800 in the near term.

However, if Ethereum fails to clear the $1,640 resistance, it could initiate a downside correction. Initial support on the downside is near the $1,600 level, with the first major support sitting near the $1,575 zone and the 50% Fib retracement level of the upward move from the $1,482 swing low to the $1,668 high. A clear move below the $1,575 support could push the price toward the $1,550 support, with further losses potentially sending the price toward the $1,520 support level. The next key support sits at $1,480.

Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI for ETH/USD is now above the 50 zone. Major support and resistance levels are identified at $1,575 and $1,665, respectively, providing key points to watch for potential price movements.