Ethereum Price Consolidation Hints at Strength—Is a Move Higher Coming?

Ethereum's price increased, surpassing $1,620 and consolidating above $1,625. The price action shows a bullish trend line forming with support near $1,625. A break above $1,680 could propel further gains. Previously, Ethereum rallied past $1,600 and $1,650, reaching a high of $1,690 before correcting. The price briefly dipped below the $1,640 support but recovered above $1,620. Resistance levels are at $1,660, $1,680, and $1,690, with a potential rise to $1,750 or even $1,880. Conversely, failure to break $1,660 might lead to a decline towards $1,610 or $1,575. Key support levels are at $1,610 and $1,500. Technical indicators like the MACD are showing some loss of bullish momentum, while the RSI remains above 50.