Let's refer to the price analysis article #Ethereum today October 16 to continue following the movement of this asset!
Ethereum price attempted to recover from $1,520. #ETH is currently facing hurdles near the $1,590 and $1,650 resistance levels.
Ethereum is attempting to mount a recovery wave above the $1,550 level.
The price is trading just above $1,550 and the 100 SMA.
There was a break above the key downtrend line with resistance near $1,555.
This ETH could start another decline unless there is a clear move above $1600.
Ethereum price started a small recovery
#Ethereum managed to stay above the $1,500 and $1,520 levels. ETH has formed a short-term support base and recently initiated fresh gains from the $1,520 region.
There was a move above the $1550 resistance level. The price rose above the 23.6% Fib retracement level of the main decline from $1,664 to $1,521. Additionally, there was a break above the key downtrend line with resistance near $1,555.
Ethereum is currently trading just above the $1,550 level and the 100 SMA. However, the bears seem to be blocking a breakout above the $1,595 resistance.
If there is a clear move above the $1,595 resistance, Ether could rise to the next major hurdle at $1,650. It is close to the 50% Fib retracement level of the key decline from $1,664 to $1,521. A close above the $1,600 resistance could start a significant rally.
In the said case, Ether could rally and recover towards the $1,665 resistance level. Any further gains could open the door to a move towards $1,750.
Where ETH drops in price
If #Ethereum fails to clear the $1,595 resistance, it could initiate another decline. Initial support on the downside is near the $1,550 level and the 100 SMA.
The next key support is $1,520. A downside break below the $1520 support could sink the price further. In the said case, the price could drop to $1,440. Any further losses could perhaps push ETH towards $1,420.
Technical indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major support level – 1,550 USD
Key resistance – $1,600
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