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Ethereum is exhibiting encouraging signs of a possible recovery after remaining firmly above the $1,565 support level. Following Bitcoin’s trajectory, Ethereum is proceeding with caution, gaining momentum towards overcoming critical resistance levels.
Recent events have seen Ethereum rise above the $1,580 and $1,590 thresholds. Notably, the price has exceeded the 23.6% Fibonacci retracement level derived from a decline between the peaks of $1,669 and the troughs of $1,565. Additionally, Ethereum has broken away from a significant bearish trend line, facing resistance around $1,590 on the ETH/USD hourly chart.
At present, Ethereum is trading above the $1,590 level and is supported by the 100-hourly Simple Moving Average. Looking upward, immediate resistance is positioned at the $1,600 range.
A more formidable barrier lies at $1,620, coinciding with the 50% Fibonacci retracement level from the recent decline between $1,669 and $1,565. Should Ethereum successfully breach the $1,620 resistance, it may aim higher, targeting the $1,650 and $1,660 areas. A successful advance past $1,660 could enable Ethereum to focus on the $1,720 zone, with the potential to reach the $1,800 level.
Possible Setbacks for Ethereum
Conversely, if Ethereum fails to surpass the $1,620 obstacle, it may be susceptible to a downward trend. In this case, Ethereum could find initial support at $1,580. A further decline might retest the $1,565 support level. If this support fails, Ethereum could drop to $1,540. A sustained move below this point could indicate significant challenges, potentially leading Ethereum into a deeper decline, possibly reaching the $1,440 area.
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Technical indicators
Hourly MACD: Ethereum’s MACD is currently reflecting diminished bearish momentum.
Hourly RSI: The RSI for Ethereum has increased, now positioned above the 50 level.
Key Support Level: $1,565
Key Resistance Level: $1,620
Ethereum’s near-term outlook hinges on its capacity to break and sustain levels above these critical resistance points. Traders and investors will be closely monitoring the situation.
The post Ethereum Price Stages Recovery, But Can It Overcome This Key Hurdle? appeared first on BitcoinWorld.
