Ethereum is likely forming a strong support base above $1,580 against the US Dollar. ETH price could recover further, but it could face a strong resistance near $1,650.

Ethereum found support near the $1,550 zone and recently started an upside correction, unlike bitcoin. A low was formed near the $1,545 level before the price climbed back above $1,600.

There was a break above the $1,605 and $1,610 levels. It seems like the price is following a rising channel with resistance near $1,640 on the hourly chart. The 50% Fib retracement level of the downward move from the $1,737 high to $1,545 low is also near $1,641.

The main resistance is still near the $1,650 level and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $1,660 on the same chart.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $1,737 high to $1,545 low is also near $1,641. A successful close above the $1,650 and $1,660 levels is must for a strong increase in the near term. In the stated case, the price is likely to rise further above the $1,680 and $1,700 levels. The next major hurdle is near the $1,740 level.

If Ethereum fails to climb above the $1,640 and $1,650 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,600 level.

The first key support is near the $1,580 level and the channel lower trend line. The main support is near the $1,550 level. A clear downside break below the $1,550 support could lead the price towards the $1,500 level in the near 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 – $1,580

Major Resistance Level – $1,650

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