Ethereum price started a steady rise from the $1,520 zone against the US dollar. ETH is now struggling to break the USD 1,605 and USD 1,620 resistance levels.
- Ethereum is trying to mount a recovery wave above the $1,570 level.
- The price is trading just above USD 1,575 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $1,572 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further if a close occurs above the $1,620 resistance level.
Ethereum price is gaining traction
Ethereum started a new increase from the $1,520 level. ETH, like Bitcoin, gained traction and peaked above the $1,600 resistance level. It even climbed above USD 1,620, but the bears appeared near USD 1,650.
A high was formed around $1,669 before another decline occurred. Ether pared gains and settled below the $1,600 level. It tested the support at $1,575 and is currently consolidating around the 23.6% Fib retracement level from the recent decline from the swing high of $1,669 to the low of $1,574.
Ethereum is now trading just above $1,575 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support near $1,572 on the hourly chart of ETH/USD.
On the upside, the price is facing resistance around the $1,605 level. The first major resistance is near the 50% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low at $1,620. A close above the $1,620 resistance could mean significant upside.
Source: ETHUSD on TradingView.com
In the mentioned case, Ether could rise and recover towards the resistance at $1,665. Any further gains could open the doors for a move towards $1,750.
Another drop in ETH?
If Ethereum fails to clear the USD 1,605 resistance, it could trigger another decline. Initial downside support is near the $1,575 level and the 100-hour Simple Moving Average.
The next major support is at USD 1,550. A downside break below the USD 1,550 support could push the price further down. In the mentioned case, the price could fall towards the USD 1,520 level. Any further losses could perhaps send Ether towards the $1,440 level.
Technical indicators
hourly MACD – 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 – $1,575
Major resistance level – $1,620
