Ethereum price has started a recovery wave above the $1,600 zone. ETH is currently consolidating and could rise if there is a clear move above the resistance at $1,750.
- Ethereum has started a recovery wave above the $1,600 zone.
- The price is holding above $1,620 and the 100-hour uncomplicated moving average.
- There has been a break above a key bearish trend line with resistance at $1,600 on the ETH/USD hourly chart (data via Kraken).
- The pair could start a novel decline if it stays below the $1,750 zone.
Ethereum price is set to break higher
Ethereum price remained above the $1,500 support zone, just like Bitcoin. ETH price formed a base and started a recovery wave above the resistance at $1,600.
There has been a break above the key bearish trend line with resistance at $1,600 on the ETH/USD hourly chart. The price has broken above the 23.6% Fib retracement level, the result of a downward move from the high of $2,005 to the low of $1,505.
Ethereum price is currently trading above $1,620 and the 100-hour uncomplicated moving average. If the bulls keep the action above $1,600, the price may be tempted to move higher again. Immediate resistance is seen near the $1,700 level. The first key resistance is located near the $1,750 level or the 50% Fib retracement level on the move down from the $2,005 high to the $1,505 low.
The next major resistance is near the $1,800 level. A clear move above the resistance at $1,800 could push the price towards the resistance at $1,885. An upward break above the $1,885 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $1,920 or even $2,000 in the near future.
Another ETH drop?
If Ethereum fails to break the resistance at $1,750, a novel decline could begin. Initial downside support is near the $1,650 level. The first major support is located near the $1,620 zone.
A clear move below the $1,620 support could push the price towards the $1,600 support. Any further losses could push the price towards the $1,550 region. The main support can be $1,500.
Technical indicators
Hourly MACD – MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.
Main support level – USD 1,620
Major resistance level – $1,750
