ETHEREUM JUST REVERSED AND $1‚600 IS IMMINENT‚ HERE′S WHY

Updated: 08/30/2022 04:09
Hyip Monitor
ethereum just reversed and 1600 is imminent heres why
Ethereum started a strong recovery from the $1425 zone against the US Dollar ETH is back above $1500 and might rise further towards the $1600 resistance .
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Ethereum started a strong recovery from the $1,425 zone against the US Dollar. ETH is back above $1,500 and might rise further towards the $1,600 resistance.

Ethereum remained well supported above the $1,425 zone.
The price is now trading above $1,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $1,485 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is eyeing more gains above the $1,560 and $1,565 resistance levels.

Ethereum Price Starts Recovery


Ethereum found support near the $1,425 zone after a strong decline. ETH formed a base above the $1,425 and $1,440 levels and recently started an upside correction.

There was a clear move above the $1,500 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $1,485 on the hourly chart of ETH/USD. The pair even climbed above the $1,520 level and the 100 hourly simple moving average.

There was a clear move above the 23.6% Fib retracement level of the key drop from the $1,707 swing high to $1,423 low. Ether price is now trading above $1,500 and the 100 hourly simple moving average.

It is facing resistance near the $1,560 and $1,565 levels. The stated resistance is near the 50% Fib retracement level of the key drop from the $1,707 swing high to $1,423 low. The next major resistance is now forming near the $1,600 level.

A clear move above the $1,600 level might send the price towards $1,640 resistance. Any more gains may perhaps open the doors for a test of the $1,700 resistance in the near term.

Fresh Decline in ETH?


If ethereum fails to rise above the $1,565 resistance, it could start another decline. An initial support on the downside is near the $1,530 zone and the 100 hourly simple moving average.

The next major support is near $1,490, below which ether price gain bearish momentum. In the stated case, the price may perhaps decline towards the $1,450 level. Any more losses may perhaps send the price towards the $1,425 zone or the last swing low.

Technical Indicators:

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,490
Major Resistance Level – $1,565


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