The price of Ethereum began to rise steadily against the US dollar around $1,520. The resistance levels of $1,605 and $1,620 are now difficult for ETH to overcome.
Above $1,570, Ethereum is trying a comeback wave. Just over $1,575 and the 100-hourly Simple Moving Average is the current price.
With support close to $1,572, a significant positive trend line is building on the hourly chart of ETH/USD (data feed from Kraken).
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If there is a closing over the resistance level of $1,620, the pair may advance further higher.
Critical Test for Ethereum Price: Can $1,570 Hold Strong?,Critical Test for Ethereum Price: Can $1,570 Hold Strong?
The Price of Ethereum Is Growing
Ethereum began to rise again from the $1,520 mark. Similar to Bitcoin, ETH gained popularity and surged above the $1,600 barrier mark. It even rose beyond $1,620, but that’s when the bears showed up, close to $1,650.
A new low was created at $1,669, and a high was formed there. Ether reduced profits and made a final settlement below $1,600. It is now stabilising close to the 23.6% Fib retracement level of the latest slide from the $1,669 swing high to the $1,574 low. It tried the $1,575 support.
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At the moment, Ethereum is trading slightly above both the 100-hourly Simple Moving Average and $1,575. On the hourly chart of ETH/USD, a significant bullish trend line is also emerging, with support close to $1,572.
Resistance on the upside for the price is located close to the $1,605 mark. Near the 50% Fib retracement level of the current slide from the $1,669 swing high to the $1,574 low, around $1,620, is the first key resistance level. A closure above the resistance level of $1,620 might initiate a respectable rise.
Ether may increase and rebound in the scenario described, heading towards the $1,665 resistance. If there are any additional advances, a rise towards $1,750 may become possible.
One More Drop in ETH?
Ethereum may begin another downturn if it is unable to overcome the $1,605 barrier. The 100-hourly Simple Moving Average and the $1,575 mark provide first support on the downside.
$1,550 is the next important support. The price might drop much more if there is a fall break below the $1,550 support level. In the hypothetical scenario given, the price may fall to around $1,520. Should there be any further losses, Ether may go closer to $1,440.
Technical Measures
- Hourly MACD: In the positive zone, the MACD for ETH/USD is losing strength.
- Hourly RSI: The ETH/USD RSI is currently above the 50 mark.
- Major Assistance Level: $1,575
- $1,620 is the major resistance level.
Critical Test for Ethereum Price: Can $1,570 Hold Strong?,Critical Test for Ethereum Price: Can $1,570 Hold Strong?,Critical Test for Ethereum Price: Can $1,570 Hold Strong?,Ethereum Coin Crypto news, Ethereum Coin News