Ethereum Attempts Recovery Above $1,550 Level
Ethereum is currently making an effort to recover and surpass the $1,550 level. The price is trading slightly above $1,550 and the 100-hourly Simple Moving Average. In a positive development, there was a break above a significant bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD.
Ethereum Price Initiates Minor Recovery
Despite facing some challenges, Ethereum managed to maintain its position above the $1,500 and $1,520 levels. It formed a short-term support base and has recently started a fresh increase from the $1,520 zone. The price also climbed above the 23.6% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. Additionally, there was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD.
Potential for Another Decline in ETH
If Ethereum fails to clear the resistance at $1,565, it could experience another decline. The initial support on the downside can be found near the $1,550 level and the 100-hourly Simple Moving Average. The next key support is at $1,520. If this support is broken, it may lead to further downward movement towards the $1,440 level. Additional losses could potentially send Ether towards the $1,420 level.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bullish zone according to the hourly MACD indicator. The RSI for ETH/USD is now above the 50 level based on the hourly RSI indicator.
Hot Take: Ethereum’s Recovery Depends on Clearing Key Resistance Levels
Ethereum is making efforts to recover and surpass the $1,550 level. The successful clearing of resistance at $1,565 could lead to a rise towards the next major hurdle at $1,600. However, if the resistance is not cleared, Ethereum might experience another decline with potential support levels at $1,550 and $1,520. It is important to closely monitor these key levels to determine the future direction of Ethereum’s price.
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