Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase.
- Ethereum is attempting a recovery wave above the $1,600 level.
- The price is trading above $1,600 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a close above $1,620 and $1,650.
Ethereum Price Holds Ground
Ethereum’s price remained well-supported above the $1,580 level. ETH formed a base above $1,600 and recently moved a few points higher, like Bitcoin.
There was a move above the $1,620 level but upsides were limited. A high was formed near $1,633 before there was a strong bearish reaction. The price trimmed most gains and revisited the $1,580 zone. A low is formed near $1,583 and the price is now rising.
Ethereum is trading above $1,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,600 on the hourly chart of ETH/USD.
On the upside, the price might face resistance near the $1,608 level or the 50% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low. The next major resistance is $1,620. It is close to the 76.4% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low.
Source: ETHUSD on TradingView.com
A push above $1,620 might send Ether further higher in the coming sessions. The main hurdle is still near the $1,650 and $1,660 levels. If the bulls succeed in clearing the $1,660 hurdle, the price could start a decent increase toward the $1,720 resistance. Any more gains might open the doors for a move toward $1,800.
Another Drop in ETH?
If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level and the trend line.
The next key support is $1,580, below which the price could test the $1,540 support. A downside break below the $1,540 support might spark strong bearish moves. In the stated case, there could be a drop toward the $1,450 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,580
Major Resistance Level – $1,620
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.newsbtc.com/analysis/eth/ethereum-price-faces-rejection-1620/
- :is
- :not
- 1
- 50
- a
- above
- against
- also
- and
- Another
- any
- ARE
- attempting
- average
- base
- BE
- bearish
- before
- below
- Break
- Bullish
- Bulls
- but
- case
- Chart
- clear
- Clearing
- Close
- coming
- could
- data
- decent
- Decline
- Dollar
- doors
- downside
- Drop
- ETH
- ETH/USD
- Ether
- ethereum
- Ethereum Price
- Face
- faces
- fails
- few
- For
- formed
- fresh
- fresh increase
- from
- further
- Gains
- High
- higher
- holds
- HTTPS
- if
- in
- Increase
- initial
- IT
- Key
- Kraken
- Level
- levels
- like
- Limited
- Line
- losing
- Low
- MACD
- Main
- major
- max-width
- might
- Momentum
- more
- most
- move
- moved
- moves
- moving
- moving average
- must
- Near
- NewsBTC
- next
- now
- of
- on
- open
- or
- out
- pair
- plato
- Plato Data Intelligence
- PlatoData
- points
- price
- Push
- reaction
- recent
- recently
- recovery
- remained
- Resistance
- retracement
- rising
- rsi
- send
- sessions
- settle
- Simple
- Spark
- start
- stated
- Still
- strong
- succeed
- support
- support level
- Swing
- test
- The
- There.
- to
- toward
- Trading
- TradingView
- Trend
- Upside
- us
- US Dollar
- via
- was
- Wave
- were
- which
- with
- Woods
- yet
- zephyrnet