📊TECHNICAL ANALYSIS ON 1-HOUR TIMEFRAME
Some time ago price fell to the 1630 level, which coincide with the resistance zone, and started to trade near this level. But soon, the price made a correction below and then at once bounced up to the trend line, where it started to decline to the next support 1585 level, which coincides with the support zone. ETH broke the 1630 level, fell to the 1585 level and a few time traded very close to this level. Also, the price entered to wedge, in which Ethereum declined to support line, breaking the 1585 level, but at once rebounded and made a strong impulse up to the $1630 level, thereby breaking the trend line. As well then, ETH made a retest of this line and a not long time ago price bounced from the trend line and made impulse up to the 1630 level again, and recently broke it. Now I expect that Ethereum can make retest of support level and then continue to rise, therefore I set up my target at the 1660 level.
📊QUICK FUNDAMENTAL LOOK
Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase.
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