Ethereum Price Stages Recovery, But Can It Overcome This Key Hurdle?
Ethereum is showing promising signs of a potential bounce-back after staying rooted above the $1,565 support level. Following Bitcoin’s lead, Ethereum is moving cautiously, building momentum towards breaking crucial resistance points. Recent developments saw Ethereum ascend past the $1,580 and $1,590 marks. Significantly, the price surpassed the 23.6% Fib retracement level stemming from a drop between the highs of $1,669 and lows of $1,565. Moreover, Ethereum broke free from a significant bearish trend line, encountering resistance near $1,590 on the ETH/USD hourly chart. Currently, Ethereum is trading north of the $1,590 mark and remains buoyed by the 100-hourly Simple Moving Average. As we look upwards, immediate resistance lurks at the $1,600 bracket. A more substantial barrier awaits at $1,620, aligning with the recent slide’s 50% Fib retracement level from $1,669 to $1,565. If Ethereum pours through the $1,620 resistance, the CRYPTOCURRENCY might set its sights high...