Ethereum price is expecting a recovery wave at $1,565 against the US dollar. ETH could rise steadily if it breaks above USD 1,600 and USD 1,620.
- Ethereum is trying to mount a recovery wave above the $1,580 level.
- The price is trading above USD 1,590 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance around $1,590 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a recovery wave if there is a close above $1,600 and $1,620.
Ethereum price signals recovery
Ethereum price remained well above the $1,565 level. ETH appears to be forming a base above $1,565 and is slowly moving higher, just like Bitcoin.
The price was able to recover above the USD 1,580 and USD 1,590 levels. There was a move above the 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,565 low. Additionally, there was a break above a major bearish trendline with resistance around $1,590 on the hourly chart of ETH/USD.
Ethereum is now trading above $1,590 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 1,600 level.
The next major resistance is $1,620. It is close to the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,565 low. A push above $1,620 could send Ether higher and there are chances for a steady rise.
Source: ETHUSD on TradingView.com
The next major resistance is around $1,650 and $1,660. If the bulls manage to overcome the USD 1,660 hurdle, the price could start a decent rise towards the USD 1,720 resistance. Any further gains could open the doors for a move towards $1,800.
Another drop in ETH?
If Ethereum fails to clear the USD 1,620 resistance, it could trigger another decline. The initial downside support is near the $1,580 level.
The next major support is USD 1,565, below which the price could test the USD 1,540 support. If the bulls fail to protect the USD 1,540 support, a sharp decline could occur. In the mentioned case, there could be a decline towards the $1,440 level.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $1,565
Major resistance level – $1,620
