Ethereum price started a recovery wave above the $1,600 area. ETH price is now consolidating and may rise if there is a clear move above the $1,750 resistance level.
- Ethereum started a recovery wave above the $1,600 area.
- The price is trading above the $1,620 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line 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 remains below the $1,750 area.
Ethereum price is aiming for a bullish breakout
Ethereum price remained in bid above the $1,500 support area Bitcoin. ETH price formed a base and started a recovery wave above the $1,600 resistance level.
There was a break above the major downtrend line with resistance at $1,600 on the hourly chart of the ETH/USD pair. The price exceeded the 23.6% Fibonacci retracement level Move down From the swing high of $2,005 to the swing low of $1,505.
Ethereum price is now trading above the $1,620 level and the 100 hourly simple moving average. If the bulls keep moving above the $1,600 level, the price may try to rise again. Immediate resistance is emerging near the $1,700 level. The first major resistance is near the $1,750 level or the 50% Fibonacci retracement level of the downward move from the $2,005 swing high to the $1,505 swing low.
The next major resistance is near the $1,800 level. A clear move above the $1,800 resistance level could send the price towards the $1,885 resistance level. A bullish break above the $1,885 area may require further gains in the coming days. In the mentioned case, Ether could rise towards the resistance area of $1,920 or even $2,000 in the near term.
Another drop in ETH?
If Ethereum fails to break above the $1,750 resistance level, it could start a new decline. Initial support on the downside is near the $1,650 level. The first major support is near the $1,620 area.
A clear move below the $1,620 support level could push the price towards the $1,600 support level. Any further losses could send the price towards the $1,550 area. The main support could be $1,500.
Technical indicators
MACD per hour – The MACD indicator for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 area.
Major support level – $1,620
Major resistance level – $1,750
