Ethereum is showing promising signs of a potential bounce-back after staying rooted above the $1,565 support level. Following Bitcoin’s lead, Ethereum is moving cautiously, building momentum towards breaking crucial resistance points.
Recent developments saw Ethereum ascend past the $1,580 and $1,590 marks. Significantly, the price surpassed the 23.6% Fib retracement level stemming from a drop between the highs of $1,669 and lows of $1,565. Moreover, Ethereum broke free from a significant bearish trend line, encountering resistance near $1,590 on the ETH/USD hourly chart.
Currently, Ethereum is trading north of the $1,590 mark and remains buoyed by the 100-hourly Simple Moving Average. As we look upwards, immediate resistance lurks at the $1,600 bracket.
A more substantial barrier awaits at $1,620, aligning with the recent slide’s 50% Fib retracement level from $1,669 to $1,565. If Ethereum pours through the $1,620 resistance, the cryptocurrency might set its sights higher, moving toward the $1,650 and $1,660 zones. A triumphant surge past $1,660 could pave the way for Ethereum to target the $1,720 region, potentially reaching the $1,800 mark.
Possible Setbacks for Ethereum
However, if Ethereum struggles to clear the $1,620 hurdle, the cryptocurrency might be prone to a downward slide. In such a scenario, Ethereum could find initial support at $1,580. A further decline might retest the $1,565 support. Should this foundation give way, Ethereum could plummet to $1,540. A sustained move below this could spell significant trouble, propelling Ethereum into a deeper dive, potentially touching the $1,440 region.
Technical indicators
Hourly MACD: Ethereum’s MACD is currently seeing a reduced bearish momentum.
Hourly RSI: The RSI for Ethereum has climbed, now sitting above the 50 mark.
Key Support Level: $1,565
Key Resistance Level: $1,620
Ethereum’s immediate future rests on its ability to break and maintain above these pivotal resistance points. Traders and investors will be eagerly watching.
The post Ethereum Price Stages Recovery, But Can It Overcome This Key Hurdle? appeared first on BitcoinWorld.
