The cryptocurrency began a strong rebound from the $1,425 level against the US dollar, which resulted in the price of Ethereum inverting, and the $1,600 barrier being very close to being reached. The price of Ethereum has recently broken through the $1,500 threshold and is currently trending upwards towards the $1,600 threshold.
Ethereum has received a great deal of support above the level of $1,425, where it is currently trading.
The price is currently trading above $1,500, and it is also trading above the 100 hourly simple moving average.
There was a break over a critical negative trend line with resistance at $1,485. This can be seen on the hourly chart of the ETH/USD pair. It is anticipated that the resistance levels of $1,560 and $1,565 will be overcome, resulting in further price increases. Ethereum’s price is beginning to turn around, and a milestone of $1,600 is quickly approaching.
The price of Ethereum has shown some signs of improvement recently.
After a precipitous drop, Ethereum located support at the level of $1,425, where it remained until it recovered. After establishing a support level between $1,425 and $1,440, the price of ETH has recently started to move in an upward direction.
It is now abundantly evident that the price has passed through the barrier level of $1,500. In addition to this, on the hourly chart of ETH/USD, there was a break above a large negative trend line that had resistance close to $1,485. Even more impressive is the fact that the pair has managed to push beyond the $1,520 threshold as well as the 100 hourly simple moving average.
The price climbed far higher than the Fibonacci retracement line that was drawn at 23.6% of the significant decline that occurred from the swing high of $1,707 to the low of $1,423. The price of ether has surpassed both $1,500 and the 100 hourly simple moving average since it began its ascent.
At $1,560 and $1,565, it is encountering sellers who are not willing to give up their positions. The level of the 50% Fibonacci retracement is relatively near to the identified barrier. This level represents the huge drop that occurred from the swing high of $1,707 to the low of $1,423. The next important level of resistance is beginning to materialize near $1,600.
In the event that $1,600 is decisively taken out, the price may accelerate towards the $1,640 resistance level. In the not-too-distant future, a challenge to the threshold of $1,700 could become feasible in the event that there is an additional increase.
Will There Be Another Decline This Time?
If Ethereum is unable to break through the resistance level of 1,565 dollars, the price of Ethereum may continue to decline. Early support can be found on the downside in the form of the 100-hourly simple moving average as well as the zone around $1,530.
The level of $1,490 is the next important support, and once it is broken, the price of ether will begin to decline. It is possible that the price will drop to $1,450 in the scenario that was just described. In the event that losses continue unabated, the price may retrace its steps to the region around 1,425 dollars or the most recent swing low.