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ETH Starts Recovery, Forms Strong Support Base Above $1580

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ETH starts recovery and it seems to be forming a strong support base above the $1580 level against the US dollar with the price recovering further and facing another resistance near $1650 so let’s read more in our latest ethereum price news today.

The price is still well below the $1650 level and the 100 simple moving average but there could be a crucial bearish trend line forming with the resistance near the $1660 on the chart of the pair. The pair could correct higher but will unlikely face a strong selling interest in the $1650 and the $1660 ranges. ETH found support near the $1550 zone and started an upside correction unlike BTC with a  new low forming near the $1545 level before the price climbed back above $1600.

ETHUSD
Source ETHUSD on TradingView.com

There was a break above the $1610 levels as well and it seems that the price is following a rising channel with the resistance near the $1640 on the hourly chart so the 50% fib retracement level of the downwards move from $1737 high to $1545 low is near the $1641. The main resistance is also near the $1650 level and the 100 hourly simple moving average but there’s also another crucial bearish trend line forming with the resistance near the $1660 on the same chart. The trend line is close to the 61.8% fib retracement level from the move of the $1737 high to $1545 low. ETH starts recovery to a new level and more increases could follow.

Closing above the $1650 and $1660 levels is a must for the strong increase shortly and in this case, the price will rise further above the $1700 levels with the next major hurdle nearing the $1740 level. If ETH fails to climb above these levels, it could start another drop and the initial support on the downside will be near the $1600 level.

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ETHUSD
Source ETHUSD on TradingView.com

The first key support is close to the $1580 level and the channel lower trend lien with the main support is close to the $1550 level. The downside break below the $1550 support could lead the price to the $1500 level in the near-term. The MACD for ETH/USD is gaining momentum in the bullish zone with the hourly RSI for the pair now moving above the 50 levels.

As recently reported, Ethereum is holding the key $1750 level and the $1710 support levels with the price trading below the $1800 and the 100 hourly simple moving average and the new connecting bearish trend line forming with the resistance at the $1795 on the hourly chart of the ETH/USD which will prepare a stronger move with $1710 as a pivot zone.

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