- Ethereum remained strong above $1,550 and started a decent recovery.
- The price is still well below the $1,650 resistance and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher, but it is likely to face a strong selling interest near $1,650 and $1,660.
Ethereum Price Back above $1,600
There was a break above the $1,605 and $1,610 levels. It seems like the price is following a rising channel with resistance near $1,640 on the hourly chart. The 50% Fib retracement level of the downward move from the $1,737 high to $1,545 low is also near $1,641.
Source: ETHUSD on TradingView.com
The trend line is close to the 61.8% Fib retracement level of the downward move from the $1,737 high to $1,545 low is also near $1,641. A successful close above the $1,650 and $1,660 levels is must for a strong increase in the near term. In the stated case, the price is likely to rise further above the $1,680 and $1,700 levels. The next major hurdle is near the $1,740 level.
Fresh Decline in ETH?
The first key support is near the $1,580 level and the channel lower trend line. The main support is near the $1,550 level. A clear downside break below the $1,550 support could lead the price towards the $1,500 level in the near term.
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,580
Major Resistance Level – $1,650