Ethereum Price Defies Gravity, Here’s What Could Spark Bullish Moves – NewsBTC

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Ethereum price managed to stay above the $1,520 support against the US dollar. ETH is rising and might rally if it clears the $1,605 resistance.
Ethereum managed to stay above the main breakdown support at $1,520. The recent rise in XRP is sparking a recovery wave in the crypto market. ETH managed to start an increase above the $1,550 and $1,565 resistance levels, like Bitcoin.
There was a break above a major bearish trend line with resistance near $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 near 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 key resistance is $1,620. A close above the $1,605 and $1,620 resistance levels might start a steady increase.
Ethereum Price
Source: ETHUSD on TradingView.com
In the stated case, Ether could start a recovery wave toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750.
If Ethereum fails to clear the $1,605 resistance, it could start another decline. Initial support on the downside is near the $1,575 level and the 100-hourly Simple Moving Average.
The next key support is $1,540. The main support is still near $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,350 level in the medium term.
Technical Indicators
Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSIThe RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,575
Major Resistance Level – $1,605
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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