Ethereum Attempts Recovery Wave Above $1,570
Ethereum is making efforts to recover from the $1,520 level. The price has risen above $1,600 and even reached $1,620 before encountering resistance. However, bears have emerged near $1,650, resulting in a decline.
Currently, Ethereum is consolidating 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.
Resistance lies near the $1,605 level. The first major resistance is at $1,620, which represents a 50% Fib retracement level. If Ethereum manages to close above this resistance level, it could potentially trigger a significant increase in price.
Possible Decline if Resistance is Not Cleared
If Ethereum fails to surpass the $1,605 resistance level, it may experience another decline. Initial support can be found near the $1,575 level and the 100-hourly Simple Moving Average.
The next important support lies at $1,550. A break below this level might lead to further downward movement towards the $1,520 level. Additionally, more losses could potentially push the price of Ether towards $1,440.
Technical Indicators
The MACD for ETH/USD is currently losing momentum in the bullish zone. Meanwhile, the RSI for ETH/USD has climbed above the 50 level.
Hot Take: Ethereum’s Recovery Hinges on Breaking Resistance at $1,620
Ethereum is striving to recover from its recent decline and is currently trading just above the $1,570 level. To continue its upward momentum, Ethereum needs to overcome the resistance at $1,620. If successful, this could potentially lead to a significant increase in price towards the $1,665 resistance level and even higher to $1,750. However, if Ethereum fails to break through the resistance, it may experience another decline with support levels at $1,575 and $1,550. The MACD and RSI indicators suggest mixed sentiment in the market. Overall, the upcoming price movement of Ethereum remains uncertain and will depend on its ability to break key resistance levels.
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