TA: Ethereum Just Reversed and $1,600 is Imminent, Here’s Why

TA: Ethereum Just Reversed and $1,600 is Imminent, Here’s Why

Ethereum started a strong recovery from the $1,425 zone against the US Dollar. ETH is back above $1,500 and might rise further towards the $1,600 resistance.

  • Ethereum remained well supported above the $1,425 zone.
  • The price is now trading above $1,500 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,485 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is eyeing more gains above the $1,560 and $1,565 resistance levels.

Ethereum Price Starts Recovery

Ethereum found support near the $1,425 zone after a strong decline. ETH formed a base above the $1,425 and $1,440 levels and recently started an upside correction.

There was a clear move above the $1,500 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $1,485 on the hourly chart of ETH/USD. The pair even climbed above the $1,520 level and the 100 hourly simple moving average.

There was a clear move above the 23.6% Fib retracement level of the key drop from the $1,707 swing high to $1,423 low. Ether price is now trading above $1,500 and the 100 hourly simple moving average.

It is facing resistance near the $1,560 and $1,565 levels. The stated resistance is near the 50% Fib retracement level of the key drop from the $1,707 swing high to $1,423 low. The next major resistance is now forming near the $1,600 level.

Source: ETHUSD on TradingView.com

A clear move above the $1,600 level might send the price towards $1,640 resistance. Any more gains may perhaps open the doors for a test of the $1,700 resistance in the near term.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,565 resistance, it could start another decline. An initial support on the downside is near the $1,530 zone and the 100 hourly simple moving average.

The next major support is near $1,490, below which ether price gain bearish momentum. In the stated case, the price may perhaps decline towards the $1,450 level. Any more losses may perhaps send the price towards the $1,425 zone or the last swing low.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,490

Major Resistance Level – $1,565

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: