Ethereum price is attempting a fresh rise above $1,620 against the US dollar. ETH needs to settle above USD 1,620 and USD 1,650 to start a decent increase.
- Ethereum is trying to mount a recovery wave above the $1,600 level.
- The price is trading above USD 1,600 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a significant climb if a close is above $1,620 and $1,650.
Ethereum price holds steady
Ethereum price remained well supported above the USD 1,580 level. ETH formed a base above $1,600 and recently moved a few points higher, as did Bitcoin.
There was a move above the USD 1,620 level, but the upside was limited. A high was formed near $1,633 before a strong bearish reaction followed. The price pared most of the 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-hour Simple Moving Average. A major bullish trendline is also forming with support near $1,600 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $1,608 level or the 50% Fib retracement level from 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 rise above $1,620 could send Ether higher in the coming sessions. The main hurdle is still near the USD 1,650 and USD 1,660 levels. If the bulls manage to overcome the USD 1,660 hurdle, the price could start a decent rise towards the USD 1,720 resistance. Any further gains could open the doors for a move towards $1,800.
Another drop in ETH?
If Ethereum fails to clear the USD 1,620 resistance, it could trigger another decline. The initial downside support is near the $1,600 level and the trendline.
The next major support is USD 1,580, below which the price could test the USD 1,540 support. A downward break below the $1,540 support could lead to strong bearish moves. In the mentioned case, there could be a decline towards the USD 1,450 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,580
Major resistance level – $1,620