Ethereum price managed to stay above the USD 1,520 support against the US dollar. ETH is rising and could rise if it clears the resistance at $1,605.
- Ethereum avoided more losses below the USD 1,520 support zone.
- The price is trading above USD 1,560 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance near $1,562 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is moving higher towards the breakout zone at $1,605.
Ethereum price begins recovery
Ethereum managed to stay above the key support at $1,520. The recent rise of XRP is causing a recovery wave in the crypto market. ETH managed to start an increase above the USD 1,550 and USD 1,565 resistance levels, just like Bitcoin.
There was a break above a major bearish trendline with resistance around $1,562 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,542 low.
Ethereum is now trading above $1,565 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance around the $1,600 level.
The first major resistance is near the $1,605 zone or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,542 low. The next major resistance is $1,620. A close above the USD 1,605 and USD 1,620 resistance levels could trigger a steady rise.
Source: ETHUSD on TradingView.com
In the mentioned case, Ether could trigger a recovery wave towards the USD 1,665 resistance. Any gains could open the doors for a move towards $1,750.
Another drop in ETH?
If Ethereum fails to clear the USD 1,605 resistance, it could trigger another decline. Initial downside support is near the $1,575 level and the 100-hour Simple Moving Average.
The next major support is at USD 1,540. The main support is still around $1,520. A downside break below the USD 1,520 support could push the price further down. In the mentioned case, the price could fall towards the USD 1,440 level. Any further losses could perhaps send Ether towards the $1,350 level in the medium term.
Technical indicators
hourly MACD – The MACD for ETH/USD is gaining strength in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,575
Major resistance level – $1,605
