Ethereum pulled its decline below $ 1,500 against the US Dollar. ETH price fell to $ 1,350 and is currently recovering above the $ 1,550 pivot level.
Where is the direction in Ethereum?
Ethereum broke the $ 1,500 support zone and even fell below $ 1,400 before correcting higher.
The price is currently trading above $ 1,600. However, it is below the 100 hourly simple moving average.
There is a major bearish trend line with resistance around $ 1,630 on the hourly chart of ETH / USD.
The pair could either climb above $ 1,650 or drop towards the $ 1,500 support.
If Ethereum fails to make a move above the trendline resistance and $ 1,650, there could be a new decline. The first downside support is located near the $ 1,580 level.
The first major support is near $ 1,500. The main support is currently forming near the $ 1,500 level, below which Ethereum price could revisit the $ 1,400 level in the near term.
Technical indicators
Hourly MACD: The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI: The RSI for ETH / USD is currently above the 50 level.
Major Support Level: $ 1,550.
Major Resistance Level – $ 1,650.
