Ethereum price started a recovery wave above the $1,600 zone. ETH is now consolidating and might rally if there is a clear move above the $1,750 resistance.
- Ethereum started a recovery wave above the $1,600 zone.
- The price is trading above $1,620 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh decline if it stays below the $1,750 zone.
Ethereum Price Aims for Upside Break
Ethereum price remained bid above the $1,500 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the $1,600 resistance.
There was a break above a key bearish trend line with resistance at $1,600 on the hourly chart of ETH/USD. The price surpassed the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low.
Ethereum price is now trading above $1,620 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,600, the price could attempt another increase. Immediate resistance is seen near the $1,700 level. The first key resistance is near the $1,750 level or the 50% Fib retracement level of the downward move from the $2,005 swing high to the $1,505 swing low.
The next major resistance is near the $1,800 level. A clear move above the $1,800 resistance might send the price toward the $1,885 resistance. An upside break above the $1,885 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,920 resistance zone or even $2,000 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $1,750 resistance, it could start a fresh decline. Initial support on the downside is near the $1,650 level. The first major support sits near the $1,620 zone.
A clear move below the $1,620 support might push the price toward the $1,600 support. Any more losses might send the price toward the $1,550 region. The main support could be $1,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $1,620
Major Resistance Level – $1,750
