Ethereum prices have successfully rebounded from a level of $1520 against the US dollar. ETH currently faces obstacles near resistance levels of $1565 and $1600
Ethereum prices have successfully rebounded from a level of $1520 against the US dollar. ETH currently faces obstacles near resistance levels of $1565 and $1600.
- Ethereum is attempting to break through the wave of recovery at the $1550 level.
- The price is slightly higher than $1550 and the 100 hour simple moving average.
- The ETH/USD hourly chart broke the main bearish trend line, with resistance around $1555 (data from Kraken).
- Unless it clearly breaks through $1565 and $1600, the currency pair may fall again.
Ethereum prices have started to slightly rebound
Ethereum successfully maintained above $1500 and $1520. Like Bitcoin, ETH has formed a short-term support level, with a new round of gains starting from the $1520 area recently.
Breaking through the resistance level of $1550. The price climbed above the 23.6% Fib retracement level, which was the main decline (from a fluctuating high of $1664 to a low of $1521). In addition, the ETH/USD hourly chart broke the main bearish trend line, with resistance around $1555.
The current trading price of Ethereum is slightly above $1550 and the 100 hour simple moving average. However, bears seem to be preventing the upward trend from breaking through the resistance level of $1565.
If it significantly breaks through the resistance level of $1565, the Ethereum may rise to the next major obstacle of $1600. It is close to the 50% Fibonacci retracement level, where the main decline ranges from a fluctuating high of $1664 to a low of $1521. The closing price above the resistance level of $1600 may start to rise significantly.
In the above situation, Ethereum may rise and recover to the resistance level of $1665. Any further increase could open the door towards $1750.
ETH falling again?
If Ethereum fails to break through the resistance level of $1565, it may start another decline. The initial support for the downward trend is around the $1550 level and the 100 hour simple moving average.
The next key support level is $1520. Breaking below the support level of $1520 may lead to further price declines. In the above situation, the price may drop to the level of $1440. If it falls further, the Ethereum may rise to the level of $1420.
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