ethereum price expects a recovery wave from $1,565 against the US Dollar. eth could rise steadily if it settles above $1,600 and $1,620.
- ethereum is attempting a recovery wave above the $1,580 level.
- The price is trading above $1,590 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $1,590 on the hourly chart of eth/USD (data via Kraken).
- The pair could start a recovery wave if there is a close above $1,600 and $1,620.
ethereum Price Signals Recovery
ethereum price remained well bid above the $1,565 level. eth appears to be forming a base above $1,565 and is slowly rising, like bitcoin.
The price was able to recover above the $1,580 and $1,590 levels. There was a move above the 23.6% Fibonacci retracement level of the downward move from the high of $1.669 to the low of $1.565. Additionally, there was a break above a major downtrend line with resistance near $1,590 on the hourly chart of eth/USD.
ethereum is now trading above $1,590 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $1,600 level.
The next major resistance is $1,620. It is close to the 50% Fibonacci retracement level of the downward move from the high of $1,669 to the low of $1,565. A push above $1,620 could see Ether rise further and there are chances of a continued rise.
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Fountain: ETHUSD on TradingView.com
The next major resistance is near $1,650 and $1,660. 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 $1,580 level.
The next key support is $1,565, below which the price could test the support at $1,540. If the bulls fail to protect the $1,540 support, there could be a sharp decline. In the indicated case, there could be a drop towards the $1,440 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: $1,565
Main Resistance Level: $1,620
