Ethereum Price Mounts An Impressive Recovery As Market Mood Shifts

Ethereum price started a recovery wave above the 1,600 zone. ETH is now consolidating and might rally if there is a clear move above the 1,750 resistance. Ethereum started a recovery wave above the 1,600 zone. The price is trading above 1,620 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at 1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the 1,750 zone. Ethereum Price Aims for Upside Break Ethereum price remained bid above the 1,500 support zone, like Bitcoin. ETH price formed a base and started a recovery wave above the 1,600 resistance. There was a break above a key bearish trend line with resistance at 1,600 on the hourly chart of ETH/USD. The price surpassed the 23.6 Fib retracement level of the downward move from the 2,005 swing high to the 1,505 swing low. Ethereum price is now trading above 1,620 and the 100-hourly Simple Moving Average. If the bulls remain in action above 1,600, the price could attempt another increase. Immediate resistance is seen near the 1,700 level. The first key resistance is near the 1,750 level or the 50 Fib retracement level of the downward move from the 2,005 swing high to the 1,505 swing low. The next major resistance is near the 1,800 level. A clear move above the 1,800 resistance might send the price toward the 1,885 resistance. An upside break above the 1,885 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 1,920 resistance zone or even 2,000 in the near term. Another Drop In ETH? If Ethereum fails to clear the 1,750 resistance, it could start a fresh decline. Initial support on the downside is near the 1,650 level. The first major support sits near the 1,620 zone. A clear move below the 1,620 support might push the price toward the 1,600 support. Any more losses might send the price toward the 1,550 region. The main support could be 1,500. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – 1,620 Major Resistance Level – 1,750