Ethereum price is slowly moving higher above the $1,620 resistance zone against the US Dollar. ETH must surpass $1,650 and $1,670 to continue higher in the near term.
Ethereum is recovering higher from the $1,565 support zone.
The price is trading above $1,620 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD.
The pair could start a decent increase if it clears $1,650 and $1,670 in the near term.
Ethereum Price Recovers Above $1,600
Ethereum price extended its decline below the $1.600 support zone. ETH tested the key $1,565 support zone, where the bulls emerged. A low was formed near $1,558 and the price is now rising, similar to bitcoin.
There was a clear move above the $1,600 resistance zone. Besides, there was a break above a major bearish trend line with resistance near $1,615 on the hourly chart of ETH/USD. There was a move above the 61.8% Fib retracement level of the downward move from the $1,671 swing high to $1,558 low.
Ether price is now trading above $1,620 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,645 level or the 76.4% Fib retracement level of the downward move from the $1,671 swing high to $1,558 low.
The first major resistance is near the $1,670 zone. The next major resistance is near the $1,700 zone. A close above the $1,700 resistance zone might start a steady increase towards the $1,800 level. Any more gains might open the doors for a move towards the $1,880 level.
Fresh Decline in ETH?
If ethereum fails to clear the $1,670 resistance, it could start another downside correction. An initial support on the downside is near the $1,620 level.
The next major support is near the $1,585 zone. If there is a break below $1,585, the price might drop towards the $1,565 support. Any more losses might call for a test of the $1,500 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,600
Major Resistance Level – $1,670
