Ethereum’s price initiated a gradual ascent from the $1,520 region when paired with the US dollar. Presently, ETH faces challenges in surpassing the resistance barriers at $1,605 and $1,620.
In an endeavor to recover, Ethereum is striving to breach the $1,570 threshold. The current trading position hovers slightly above $1,575, with the 100-hourly Simple Moving Average offering support. On the hourly ETH/USD chart (data sourced from Kraken), a significant bullish trend line is taking shape, with a support level situated around $1,572.
The potential for further upward movement exists if a decisive breakthrough is achieved above the $1,620 resistance level.
Ethereum Price Gathers Momentum
Ethereum embarked on an upward journey, commencing from the $1,520 mark. Similar to Bitcoin, ETH gained momentum and surged above the $1,600 resistance barrier, even briefly surpassing $1,620 before encountering selling pressure around $1,650.
Reaching a peak around $1,669, a subsequent downturn unfolded. Ether retraced its gains and slipped beneath the $1,600 level, testing support at $1,575. Currently, it’s consolidating near the 23.6% Fibonacci retracement level, calculated from the recent swing high at $1,669 to the low of $1,574.
As of now, Ethereum is trading slightly above $1,575 and remains supported by the 100-hourly Simple Moving Average. Furthermore, an important bullish trend line is taking shape, with support positioned around $1,572, as evident on the hourly ETH/USD chart.
On the upside, resistance looms near the $1,605 level. The primary hurdle is at the 50% Fibonacci retracement level, derived from the recent swing high at $1,669 to the low at $1,574, situated at $1,620. A successful breach of the $1,620 resistance could set the stage for a notable uptick in price.
Under the given circumstances, Ether has the potential to ascend and reclaim the $1,665 resistance level. Further advancements could pave the way for an upward movement towards $1,750.
Is ETH Set for Another Decline?
Should Ethereum fail to surmount the $1,605 resistance, it may initiate a fresh descent. Initial support on the downside is situated around the $1,575 level and the 100-hourly Simple Moving Average.
The subsequent critical support rests at $1,550. A breach below this level could potentially lead to further downward movement. In such a scenario, the price might decline toward the $1,520 threshold, with the possibility of extending losses towards $1,440.
Technical Indicators
Hourly MACD – The MACD indicator for ETH/USD is displaying weakening bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently positioned above the 50 mark.
Primary Support Level – $1,575
Primary Resistance Level – $1,620