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Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase.
- 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.
- There is a key bullish trend line forming with support near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a close above $1,620 and $1,650.
Ethereum Price Holds Ground
Ethereum’s price remained well-supported above the $1,580 level. ETH formed a base above $1,600 and recently moved a few points higher, like Bitcoin.
There was a move above the $1,620 level but upsides were limited. A high was formed near $1,633 before there was a strong bearish reaction. The price trimmed most gains and revisited the $1,580 zone. A low is formed near $1,583 and the price is now rising.
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 might face resistance near the $1,608 level or the 50% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low. The next major resistance is $1,620. It is close to the 76.4% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low.
Source: ETHUSD on TradingView.com
A push above $1,620 might send Ether further higher in the coming sessions. The main hurdle is still near the $1,650 and $1,660 levels. If the bulls succeed in clearing the $1,660 hurdle, the price could start a decent increase toward the $1,720 resistance. Any more gains might open the doors for a move toward $1,800.
Another Drop in ETH?
If Ethereum fails to clear 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 $1,540 support. A downside break below the $1,540 support might spark strong bearish moves. In the stated case, there could be a drop toward the $1,450 level.
Technical Indicators
Hourly MACD – 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.
Major Support Level – $1,580
Major Resistance Level – $1,620