ethereum price is attempting a fresh rise above $1,620 against the US Dollar. eth needs to settle above $1,620 and $1,650 to start a decent rise.
- ethereum is attempting a recovery wave above the $1,600 level.
- The price is trading above $1,600 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,600 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a decent rise if there is a close above $1,620 and $1,650.
ethereum price remains firm
ethereum price remained well supported above the $1,580 level. eth formed a base above $1,600 and recently rose a few points, like bitcoin.
There was a move above the $1,620 level, but the upside was limited. A high was formed near $1,633 before a strong bearish reaction occurred. The price pared most of the gains and revisited the $1,580 zone. A low is formed near $1,583 and the price is now moving higher.
ethereum is trading above $1,600 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,600 on the hourly chart of eth/USD.
On the upside, the price could face resistance near the $1,608 level or the 50% Fibonacci retracement level of the recent decline from the high of $1,633 to the low of $1,583. The next major resistance is $1,620. It is close to the 76.4% Fib retracement level of the recent drop from the high of $1,633 to the low of $1,583.
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Fountain: ETHUSD on TradingView.com
A push above $1,620 could see Ether rise further in the coming sessions. The main hurdle is still near the $1,650 and $1,660 levels. If the bulls manage to clear the $1,660 hurdle, the price could start a decent rise towards the $1,720 resistance. Any further gains could open the doors to a move towards $1,800.
Another drop in eth?
If ethereum fails to overcome the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level and the trend line.
The next key support is $1,580, below which the price could test the support at $1,540. A downside break below the $1,540 support could trigger strong bearish moves. In the indicated case, there could be a drop towards the $1,450 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,580
Main Resistance Level: $1,620
