Ethereum is reversing and $1,600 level is imminent, as the crypto began a robust rebound from the $1,425 level against the US dollar. Now Ethereum has risen above $1,500 and may even surge towards the $1,600 mark.
Above the $1,425 level, Ethereum has been strongly supported.
The price is currently trading above $1,500 and above the 100 hourly simple moving average.
On the hourly chart of ETH/USD, there was a break over a crucial negative trend line with resistance above $1,485.
More advances are expected over the $1,560 and $1,565 resistance levels. Ethereum is reversing and $1,600 level is imminent.
Ethereum Price Is Starting To Recover
Following a sharp dip, Ethereum found support at the $1,425 level. ETH created a base above $1,425 and $1,440 and has just begun an upward correction.
The price has clearly moved above the $1,500 barrier level. Furthermore, on the hourly chart of ETH/USD, there was a break above a significant negative trend line with resistance near $1,485. The pair has even surpassed the $1,520 mark and the 100 hourly simple moving average.
The price moved well above the 23.6% Fib retracement line of the crucial drop from the $1,707 swing high to the $1,423 low. The price of ether has risen over $1,500 and the 100 hourly simple moving average.
It is coming up into opposition at the $1,560 and $1,565 levels. The indicated barrier is close to the 50% Fib retracement level of the significant drop from the $1,707 swing high to the $1,423 low. The next key resistance level is already emerging at $1,600.
A clean break above $1,600 might drive the price towards $1,640 resistance. Any more increases might pave the way for a challenge of the $1,700 barrier in the short future.
Will There Be A Fresh Decline?
If Ethereum fails to break over the $1,565 barrier, it may fall further. The 100 hourly simple moving average and the $1,530 zone provide early support on the downside.
The next key support is at $1,490, below which the ether price begins to fall. In the aforementioned scenario, the price may fall to $1,450. Any more losses might push the price back to the $1,425 area or the last swing low.
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