Ethereum Price Faces Rejection But Bulls Are Not Out of Woods Yet

2023-09-28 05:14:25

Ethereum price is attempting a fresh increase above $1,620 against the US Dollar. ETH must settle above $1,620 and $1,650 to start a decent increase.

Ethereum is attempting a recovery wave above the $1,600 level.
The price is trading above $1,600 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a decent increase if there is a close above $1,620 and $1,650.

Ethereum Price Holds Ground

Ethereum’s price remained well-supported above the $1,580 level. ETH formed a base above $1,600 and recently moved a few points higher, like Bitcoin.

There was a move above the $1,620 level but upsides were limited. A high was formed near $1,633 before there was a strong bearish reaction. The price trimmed most gains and revisited the $1,580 zone. A low is formed near $1,583 and the price is now rising.

Ethereum is trading above $1,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $1,600 on the hourly chart of ETH/USD.

On the upside, the price might face resistance near the $1,608 level or the 50% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low. The next major resistance is $1,620. It is close to the 76.4% Fib retracement level of the recent decline from the $1,633 swing high to the $1,583 low.

Source: ETHUSD on TradingView.com

A push above $1,620 might send Ether further higher in the coming sessions. The main hurdle is still near the $1,650 and $1,660 levels. If the bulls succeed in clearing the $1,660 hurdle, the price could start a decent increase toward the $1,720 resistance. Any more gains might open the doors for a move toward $1,800.

Another Drop in ETH?

If Ethereum fails to clear the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,600 level and the trend line.

The next key support is $1,580, below which the price could test the $1,540 support. A downside break below the $1,540 support might spark strong bearish moves. In the stated case, there could be a drop toward the $1,450 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,580

Major Resistance Level – $1,620

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