Ethereum price has successfully rebounded from the $1,520 level against the US Dollar. Currently, ETH faces obstacles near the $1,565 and $1,600 resistance levels.
Ethereum is making an attempt to undergo a recovery wave above the $1,550 mark. The price is presently trading just above $1,550, alongside the 100-hourly Simple Moving Average. A significant bearish trend line resistance near $1,555 was broken on the hourly ETH/USD chart (data from Kraken). The pair might initiate another decline unless there’s a clear break above $1,565 and $1,600.
Minor Recovery for Ethereum Price Ethereum has managed to stay above the $1,500 and $1,520 levels. ETH established a short-term support base and recently commenced a fresh upward movement from the $1,520 region, similar to Bitcoin.
There has been an advance beyond the $1,550 resistance level. The price has surpassed the 23.6% Fib retracement level of the primary decline from the $1,664 swing high to the $1,521 low. Moreover, there was a breakout beyond a significant bearish trend line with resistance near $1,555 on the hourly ETH/USD chart.
At present, Ethereum is trading just above $1,550 and the 100-hourly Simple Moving Average. Nonetheless, it appears that bearish forces are preventing an upward breakout beyond the $1,565 resistance.
In the event of a decisive move beyond the $1,565 resistance, Ether could ascend towards the next substantial hurdle at $1,600. This level is in close proximity to the 50% Fib retracement level of the primary drop from the $1,664 swing high to the $1,521 low. Achieving a close above the $1,600 resistance could trigger a notable increase.
In such a scenario, Ether could advance and recover towards the $1,665 resistance. Further gains might open the path for a move towards $1,750.
Another Decline in ETH? Should Ethereum fall short of clearing the $1,565 resistance, it may embark on another decline. Initial support on the downside is situated around the $1,550 level and the 100-hourly Simple Moving Average.
The subsequent key support level is at $1,520. A breakdown beneath the $1,520 support could propel the price even lower. In such a case, the price might depreciate towards the $1,440 level. Further losses could potentially direct Ether towards the $1,420 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum within the bullish territory.
Hourly RSI – The RSI for ETH/USD is presently above the 50 level.
Key Support Level – $1,550
Key Resistance Level – $1,565
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