The sharp recovery was strong, but the $580 resistance looks like a tough hurdle to pass. The altcoin is forming a bearish trend line around the $584 resistance level on the hourly chart. Before any substantial increase can occur, the coin has to break the 100 hourly $580 and $584 level.
Major Signals
- Ethereum started a strong recovery above the $565 resistance
- A bearish trend is forming around the $584 resistance
- The ETH/USD pair must overcome the 100 hourly SMA and $584 to go up
BTC and ETH had downside extensions below $18k and $550. The coins’ upward move was cool and sharp, but the $580 resistance level for Ethereum has been severe, making it look like the $600 resistance level is impossible.
A failed attempt to go past the $580 level means the altcoin price might fall flat and go down to $529.
Are you expecting a price fall or price rise?
