Ethereum price is recovering above the USD 1,650 resistance against the US dollar. ETH could rise further if there is a clear move above the USD 1,700 resistance.
- Ethereum is moving higher above the USD 1,650 and USD 1,660 levels.
- The price is trading above USD 1,670 and the 100-hour Simple Moving Average.
- There was a break above a key bearish trendline with resistance near $1,660 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could continue to rise if it overcomes the USD 1,700 and USD 1,720 resistance levels.
Ethereum Price Eyes Steady Recovery
Ethereum price formed a support base above the USD 1,580 and USD 1,600 levels. ETH initiated a recovery wave and, like Bitcoin, it was able to climb above the USD 1,650 resistance.
There was a break above a key bearish trendline with resistance near $1,660 on the ETH/USD hourly chart. The pair is now struggling to breach the USD 1,700 resistance zone. A high is forming near USD 1,698 and the price is consolidating gains.
Ether is trading above $1,670 and the 100-hour Simple Moving Average. It is also close to the 23.6% Fib retracement level of the recent rise from the $1,580 swing low to the $1,698 high.
Source: ETHUSD at TradingView.com
On the upside, the price could encounter resistance near the USD 1,700 level. The next resistance is near the USD 1,720 zone. A successful close above the USD 1,700 and USD 1,720 levels could signal a fresh launch. The next major resistance is near the USD 1,780 level. Any further gains could push the price towards the USD 1,820 resistance.
Another drop in ETH?
If Ethereum fails to clear the USD 1,700 resistance, it could spark another decline. The initial downside support is near the $1,670 level and the 100-hour Simple Moving Average.
The first major support is near the USD 1,550 zone. The next key support is near the 50% Fib retracement level from the recent rise from the $1,580 swing low to the $1,698 high at $1,640. If there is a downside break below USD 1,640, there could be more losses. The next major support is near the USD 1,600 support level. Any further losses could send the price towards the USD 1,580 level or even a new low below USD 1,550.
Technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,640
Major resistance level – $1,700