According to recent data, Ethereum’s price is currently at $1,592.91 USD. In the past 24 hours, it has experienced a slight 0.28% increase and has a 24-hour trading volume of $3,374,758,280 USD.

Ethereum holds the #2 rank on CoinMarketCap, with a live market cap of $191,521,436,614 USD, and has a circulating supply of 120,233,868 ETH coins, while its maximum supply remains undisclosed.

The value of Ethereum is being closely monitored as it attempts to recover from a low of $1,565. If it can remain above $1,600 and $1,620, there may be a gradual increase in value.

  • As of now, Ethereum is trading above $1,590 and has exceeded the 100-hourly Simple Moving Average. On the hourly chart,
  • ETH/USD has shown a promising sign by breaking a major bearish trend line with resistance near $1,590.
  • If it closes above $1,600 and $1,620, it could signal the beginning of a recovery wave for the pair.

According to expert analysis, it is likely that the price of Ethereum will recover following its recent decline.

Ethereum’s value has been robust, staying above $1,565 and gradually increasing, similar to Bitcoin. It has recuperated from its dip, surpassing both the $1,580 and $1,590 levels.

Moreover, it has broken through a crucial bearish trend line with resistance near $1,590 on the hourly chart of ETH/USD. Presently, Ethereum’s value is above $1,590 and the 100-hourly Simple Moving Average.

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However, it may encounter resistance at the $1,600 level, and the next significant obstacle is at $1,620. If Ether surpasses this level, there is potential for a steady increase.

ETH/USD Price Chart – Source: Tradingview

The price faces a hurdle at $1,650 and $1,660. If the buyers can surpass the $1,660 barrier, there is potential for a substantial rise towards the $1,720 resistance level. Additional progress may create an opportunity for movement towards $1,800.

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If the resistance at $1,620 proves insurmountable for Ethereum, a further decline may occur. An initial support level is present at around $1,580, with a subsequent major support level at $1,565. If this level is breached, the price may test the $1,540 support.

If the $1,540 support is not defended by the bulls, a significant drop towards the $1,440 level could take place.

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