Ethereum Shows Signs of Recovery Above $1,600
- Ethereum started a recovery wave above the $1,600 zone.
- The price is trading above $1,620 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1,600 on the hourly chart of ETH/USD.
- Immediate resistance is seen near the $1,700 level, with major resistance at $1,750.
- A clear move above the $1,800 resistance might send the price toward the $1,885 region.
Ethereum’s price has shown signs of recovery by surpassing key resistances and trading above crucial moving averages. This indicates potential for further gains if it clears significant resistance levels like $1,750 and potentially reaches up to $2,000 in the near term.
However , failure to breach these levels could result in Ethereum facing downward pressure towards its support zones . (Source )
