Can Ethereum price exceed $1,600?

 Ethereum (ETH) price hit the highest level in the last three months, reaching as high as $ 1,591 the previous day. It has corrected somewhat from this local top in the past two days but still remains above $1,500. Also, a new attempt towards $1,600 is drawing attention once again today. Of course, the failure of this new attempt will be a correction for the ETH price.


We see this on the daily chart of the ETH/USD pair. Ethereum price has formed green candles in the last eight consecutive days. Despite yesterday's correction, the daily candle closed in green. Today, the leading altcoin started the day with a green candle. In fact, it has once again tested the resistance of $ 1,600 with the daily top by climbing up to $ 1,585. Of course, it is important at what level today's daily closing will be.


Ethereum price support and resistance levels

For support and resistance levels in Ethereum price in the short term, let's look at the 4-hour chart of the ETH/USD parity. In this graph, we see that. Leading altcoin Ethereum consolidated here, staying above $1,500 after surging to $1,600 the previous day. Here is a new mini uptrend now towards $1,600. If there is no swing above $1,600 in the next few hours, it will start testing supports below, primarily $1,500.


After the recent developments, we can say that the first resistance for Ethereum price is at $ 1,580. The main resistance area is at $1,600. As long as it stays below these levels, a few support levels below become important. First, there is $1,520 – $1,500 support. Further below, the main support can be expected at $1,400. This level has been acting as the main resistance in front of the price for a long time. Now it is important for ETH to be tested as support.


In summary, the key support and resistance levels for Ethereum are as follows:


Support levels: $1,520 and $1,400

Resistance levels: $1,580 and $1,600

Ethereum technical indicators

One of the technical indicators, MACD is around the neutral line. The RSI indicator continues to stay above the 70 level.


How much will Ethereum price be in January 2023?

According to Coinmarketcap's Ethereum price forecast, the price of ETH will trade between $1,337 and $1,404 on average on January 31, 2023. For this prediction, 2,090 users have shared their predictions on the platform so far.



What are MACD and RSI indicators?

The MACD (Moving average convergence/divergence) detects the momentum in the price of an asset, signaling to traders that a trend change will not occur. The RSI (Relative Strength Index) indicator measures the strength of an asset's price between 0 and 100. Below 30 indicates oversold, while above 70 means overbought.


What is Simple Moving Average (SMA)?

The Simple Moving Average, or SMA line for short, is a technical indicator on the chart that calculates the average of the price over a certain period of time. The SMA line helps in identifying signals that the price of a coin will continue or change direction in a bullish or bearish trend.

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