Ethereum price is attempting a recovery wave above $1,620 against the US Dollar. ETH must settle above $1,650 to start a decent increase.
Ethereum is slowly moving higher from the $1,600 support zone. The price is trading near $1,630 and the 100-hourly Simple Moving Average. There was a break above two bearish trend lines with resistance near $1,620 and $1,630 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady increase if there is a close above the $1,650 resistance.Ethereum Price Holds Key Support
Ethereum’s price managed to stay above the $1,600 support zone. ETH price is forming a base and is currently attempting a recovery wave above $1,620, like Bitcoin.
There was a break above two bearish trend lines with resistance near $1,620 and $1,630 on the hourly chart of ETH/USD. The pair retested the 23.6% Fib retracement level of the main decline from the $1,750 swing high to the $1,600 low.
Ether is now trading near $1,630 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,645 level. The next resistance is near the $1,660 level, above which the price could rise toward the $1,675 level.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the main decline from the $1,750 swing high to the $1,600 low is also near $1,675. The next major barrier is near the $1,700 level. A close above the $1,700 level might push Ethereum into a positive zone. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance.
Another Decline in ETH?
If Ethereum fails to clear the $1,660 resistance, it could start another decline. Initial support on the downside is near the $1,620 level. The first key support is close to $1,600. A downside break below $1,600 might increase selling pressure.
The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could revisit the key $1,540 support level. Any more losses might send the price toward the $1,480 level or even $1,440.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,660
