Ethereum Price Consolidates Gains and Targets Resistance at $1,665

Ethereum Price Update

Ethereum price increased above $1,580, reaching a high of $1,668.
Currently consolidating below $1,620 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $1,640 on the hourly chart.
Potential for further gains if it breaks above the $1,665 resistance level.

Ethereum formed a base above $1,500, moving up past $1,550 and $1,580 resistance levels. After hitting $1,668, it underwent a correction, dipping below the 23.6% Fib retracement level from the recent low of $1,482.

The price faces hurdles near $1,640, with key resistance levels identified at:

$1,665 (next resistance)
$1,680 (first major resistance)
$1,720 (potential target upon clearing $1,680)
$1,750 and $1,800 (possible targets in the near term)

If Ethereum does not break through $1,640, it may correct downward. Key support levels include:

$1,600 (initial support)
$1,575 (first major support)
$1,550 (next support if $1,575 fails)
$1,520 and $1,480 (further downside targets)

Technical indicators show a diminishing momentum in the bullish zone for the MACD, while the RSI remains above the 50 mark.