The post Ethereum Price Avoids Collapse But Recovery Could Be Capped appeared on BitcoinEthereumNews.com.

Ethereum price managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the $1,565 and $1,600 resistance levels. Ethereum is attempting a recovery wave above the $1,550 level. The price is trading just above $1,550 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline unless there is a clear move above $1,565 and $1,600. Ethereum Price Starts Minor Recovery Ethereum managed to stay above the $1,500 and $1,520 levels. ETH formed a short-term support base and recently started a fresh increase from the $1,520 zone, like Bitcoin. There was a move above the $1,550 resistance level. The price climbed above the 23.6% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. Besides, there was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD. Ethereum is now trading just above $1,550 and the 100-hourly Simple Moving Average. However, the bears seem to be preventing an upside break above the $1,565 resistance. If there is a clear move above the $1,565 resistance, Ether could rise toward the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance might start a decent increase. Source: ETHUSD on TradingView.com In the stated case, Ether could rise and recover 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 $1,565 resistance, it could start another decline. Initial…

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Filed under: News - @ October 16, 2023 4:24 am