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 averted more losses below the $1,520 support zone.
- The price is trading above $1,560 and the 100-hourly Simple Moving Average.
- There was a break above a major bearish trend line with resistance near $1,562 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is moving higher toward the breakout zone at $1,605.
Ethereum Price Starts Recovery
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.Another Decline in ETH?
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.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 level.
Major Support Level – $1,575 Major Resistance Level – $1,605