The price of Ethereum managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the USD 1,565 and USD 1,600 resistance levels.
- Ethereum is trying to mount a recovery wave above the $1,550 level.
- The price is trading just above $1,550 and the 100-hour Simple Moving Average.
- There was a break above a major bearish trendline with resistance around $1,555 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could fall again unless there is a clear move above $1,565 and $1,600.
Ethereum price starts small recovery
Ethereum managed to stay above the USD 1,500 and USD 1,520 levels. ETH formed a short-term support base and recently started a new rise from the $1,520 zone, just like Bitcoin.
There was a move above the USD 1,550 resistance level. The price climbed above the 23.6% Fib retracement level of the main decline from the $1,664 swing high to the $1,521 low. Additionally, there was a break above a major bearish trendline with resistance around $1,555 on the hourly chart of ETH/USD.
Ethereum is now trading just above $1,550 and the 100-hour Simple Moving Average. However, the bears appear to be avoiding an upside break above the $1,565 resistance.
If there is a clear move above the resistance at $1,565, Ether could rise towards the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main decline from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance could mean significant upside.
Source: ETHUSD on TradingView.com
In the mentioned case, Ether could rise and recover towards the USD 1,665 resistance. Any further gains could open the doors for a move towards $1,750.
Another drop in ETH?
If Ethereum fails to clear the USD 1,565 resistance, it could trigger another decline. Initial downside support is near the $1,550 level and the 100-hourly Simple Moving Average.
The next major support is at USD 1,520. A downside break below the USD 1,520 support could push the price further down. In the mentioned case, the price could fall towards the USD 1,440 level. Any further losses could perhaps send Ether towards the USD 1,420 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 – $1,550
Major resistance level – $1,565