Ethereum price is attempting a recovery wave above USD 1,620 against the US dollar. ETH needs to settle above USD 1,650 to start a decent increase.
- Ethereum is slowly moving higher from the USD 1,600 support zone.
- The price is trading near USD 1,630 and the 100-hour Simple Moving Average.
- There was a break above two bearish trend lines with resistance around $1,620 and $1,630 on the ETH/USD hourly chart (data feed via Kraken).
- The pair could begin a steady rise if it closes above the USD 1,650 resistance.
Ethereum price provides important support
Ethereum price managed to stay above the USD 1,600 support zone. ETH price is forming a base and it is currently attempting a recovery wave above USD 1,620 like Bitcoin.
There was a break above two bearish trendlines with resistance around $1,620 and $1,630 on the ETH/USD hourly chart. The pair retested the 23.6% Fib retracement level from the main drop from the $1,750 swing high to the $1,600 low.
Ether is now trading around $1,630 and the 100-hour Simple Moving Average. On the upside, the price could encounter resistance near the USD 1,645 level. The next resistance is near the USD 1,660 level, above which the price could rise towards the USD 1,675 level.
Source: ETHUSD at TradingView.com
The 50% Fib retracement level of the main decline from the $1,750 swing high to the $1,600 low is also near $1,675. The next major barrier is near the USD 1,700 level. A close above the USD 1,700 level could push Ethereum into a positive zone. The next resistance could be near USD 1,750. Any further gains could push the price towards the USD 1,800 resistance.
Another drop in ETH?
If Ethereum fails to clear the USD 1,660 resistance, it could spark another decline. The initial downside support is near the USD 1,620 level. The first key support is near USD 1,600. A downside break below $1,600 could increase selling pressure.
The next major support is near the USD 1,580 level. If there is a downside break below USD 1,580, the price could revisit the key USD 1,540 support level. With further losses, the price could climb towards the USD 1,480 or even USD 1,440 level.
Technical indicators
MACD per hour – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major resistance level – $1,660