ethereum price managed to stay above the $1,520 support against the US dollar. eth is rising and could rally if it breaks the $1,605 resistance.
- ethereum avoided further losses below the $1,520 support zone.
- The price is trading above $1,560 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $1,562 on the hourly chart of eth/USD (data via Kraken).
- The pair is moving towards the breakout zone at $1,605.
ethereum price begins to recover
ethereum managed to hold above the main breakout support at $1,520. The recent rise of XRP is sparking a wave of recovery in the cryptocurrency market. eth managed to initiate an increase above the $1,550 and $1,565 resistance levels, as did bitcoin.
There was a break above a major downtrend line with resistance near $1,562 on the hourly chart of eth/USD. The pair rose above the 23.6% Fibonacci retracement level of the downward move from the high of $1,669 to the low of $1,542.
ethereum is now trading above $1,565 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,600 level.
The first major resistance is near the $1,605 zone or the 50% Fibonacci retracement level of the downward move from the high of $1,669 to the low of $1,542. The next key resistance is $1,620. A close above the $1,605 and $1,620 resistance levels could start a steady rise.
<img decoding="async" class="alignnone size-full wp-image-556186" src="https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468″ alt=”ethereum Price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum-15.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
In the given case, Ether could start a recovery wave towards the $1,665 resistance. Any further gains could open the doors to a move towards $1,750.
Another drop in eth?
If ethereum fails to overcome the $1,605 resistance, it could start another decline. Initial support on the downside is near the $1,575 level and the 100 hourly simple moving average.
The next key support is $1,540. The main support is still near $1,520. A downside break below the $1,520 support could push the price down further. In the indicated case, the price could fall towards the $1,440 level. Any further losses could perhaps send Ether towards the $1,350 level in the medium term.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,575
Main Resistance Level: $1,605
