Ethereum price started a recovery wave above the $1,600 zone. ETH is now consolidating and could rise if there is a clear move above the USD 1,750 resistance.
- Ethereum started a recovery wave above the $1,600 zone.
- The price is trading above USD 1,620 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new decline if it stays below the $1,750 zone.
Ethereum price aims for an upward breakout
The Ethereum price, like Bitcoin, remained above the $1,500 support zone. ETH price formed a base and started a recovery wave above the USD 1,600 resistance.
There was a break above a key bearish trendline 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 continue to act above $1,600, the price may attempt to rise again. Immediate resistance is seen around the $1,700 level. The first major 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 around the $1,800 level. A clear move above the USD 1,800 resistance could send the price towards the USD 1,885 resistance. An upside break above the $1,885 region could lead to more gains in the coming days. In the mentioned case, Ether could rise towards the resistance zone of $1,920 or even $2,000 in the short term.
Another drop in ETH?
If Ethereum fails to clear the USD 1,750 resistance, it could trigger another decline. The initial downside support is near the $1,650 level. The first major support is near the $1,620 zone.
A clear move below the USD 1,620 support could push the price towards the USD 1,600 support. Any further losses could send the price towards $1,550. The main support could be $1,500.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 zone.
Major support level – $1,620
Major resistance level – $1,750