Ethereum wants to go higher (Analysis of 5 August 2022)

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Ethereum started a new dip below the $ 1,650 level and even traded below the $ 1,600 support zone, but the downsides were contained. The price remained within the range and was well supported above the $ 1,550 level.

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Ethereum: what’s going on?

There has been a clear move above the $ 1600 and $ 1620 levels. The ether price has surpassed the 50% Fib retracement level of the recent drop from a high of $ 1,672 to a low of $ 1,580. .

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Additionally, a breakout occurred above a key line of downward trend with resistance near $ 1,640 on the ETH / USD hourly chart. The pair is now trading above $ 1,630 and the hourly simple moving average of 100.

It is also trading above the 76.4% Fib retracement level of the recent drop from the high of $ 1.672 to the low of $ 1.580. Immediate upside resistance near the $ 1,670 level. The first major resistance near the $ 1.680 level.

A clear move above $ 1,680 could initiate a steady climb to $ 1,750. If the bulls stay in action, the price could potentially rise towards the $ 1,800 resistance zone.

If Ethereum fails to break out of the $ 1,670 resistance, another could begin bearish wave. Initial bearish support near the $ 1,620 area and the 100-hour simple moving average.

The next major support is $ 1,580, below which there is a risk of a steep downside. In this case, the Ether price could potentially drop towards the $ 1,550 support. Other losses may require a $ 1,500 test.

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