Ethereum (ETH) is probably building a strong support base above $ 1580 against the US Dollar. According to analyst Aayush Jindal, the ETH price could improve further, but it could face strong resistance around $ 1650.
Ethereum remained strong above $ 1550 and started a decent recovery.
The price is still well below the $ 1650 resistance and the 100 hourly simple moving average.
There is a key bearish trend line showing resistance near $ 1660 on the hourly chart of ETH / USD (data feed via Kraken).
The pair may provide a higher retracement, but it is likely to face strong selling interest near $ 1,650 and $ 1,660.
Ethereum found support near the $ 1550 zone and recently launched an upward move unlike Bitcoin. A low was formed near the $ 1545 level before the price moved above $ 1600. There was a break above the $ 1605 and $ 1610 levels. The price appears to be following a rising channel with resistance around $ 1640 on the hourly chart. The 50% Fib retracement level of the downward move was lowered from the $ 1737 high to $ 1545.
The main resistance is still near the $ 1650 level and the 100 hourly simple moving average. There is a key bearish trend line on the same chart with resistance near $ 1660. ETH was trading at $ 1620 at the time of writing.