Ethereum Price Defies Gravity, Here’s What Could Spark Bullish Moves

2023-10-20 04:37:57

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.

Ethereum is now trading above $1,565 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,600 level.

The first major resistance is near the $1,605 zone or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,542 low. The next key resistance is $1,620. A close above the $1,605 and $1,620 resistance levels might start a steady increase.

Source: ETHUSD on TradingView.com

In the stated case, Ether could start a recovery wave toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750.

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.

The next key support is $1,540. The main support is still near $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,350 level in the medium term.

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 level.

Major Support Level – $1,575

Major Resistance Level – $1,605

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