Ethereum price started a steady increase from the $1,520 zone against the US dollar. ETH is now struggling to clear the $1,605 and $1,620 resistance levels.
- Ethereum is attempting a recovery wave above the $1,570 level.
- The price is trading just above $1,575 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $1,572 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rise further if there is a close above the $1,620 resistance level.
Ethereum Price Gains Traction
Ethereum started a fresh increase from the $1,520 level. ETH gained traction like Bitcoin and spiked above the $1,600 resistance level. It even climbed above $1,620, but the bears appeared near $1,650.
A high was formed near $1,669 before there was a fresh decline. Ether trimmed gains and settled below the $1,600 level. It tested the $1,575 support and is currently consolidating near the 23.6% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low.On the upside, the price is facing resistance near the $1,605 level. The first major resistance is near the 50% Fib retracement level of the recent decline from the $1,669 swing high to the $1,574 low at $1,620. A close above the $1,620 resistance might start a decent increase.
Another Decline in ETH?
If Ethereum fails to clear the $1,605 resistance, it could start another decline. Initial support on the downside is near the $1,575 level and the 100-hourly Simple Moving Average.Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,575 Major Resistance Level – $1,620