Ethereum recovers from its $1,500 mark decline following bull support

Ethereum recovers from its $1,500 mark decline following bull support

Ethereum (ETH) is going stronger than ever as it jumped back from its sudden decline toward $1,500. The bull supported the second-largest cryptocurrency to recover above $1,600.

The ups and downs of the crypto market are always unpredictable. Many experts believe cryptocurrency will remain bearish this year and recover in 2023 and this seems to be true now.

According to the chart analysis data, Ethereum has seen a drastic change in the market traders might need to keep an eye on if they own ETH.

This week Ethereum prices dropped from the original thriving price of 1,700. This alarmed many bulls and they came on to support the crypto coin.

When Ether hit $1,490, it bounced back again between $1,550 and $1,580. The coin recovered the Fib retracement level of 50% of the key drop with a $1,485 low and a swing high of $1,690.

The data on CoinMarketCap shows there is a key bearish trend line drawing on its resistance level of  $1,650/hour against USD. If ETH moves upwards to 1,670, then it will hit $1,700 in no time.

In case, ETH goes below its resistance level, then a fresh downside correction will form on the chart. Currently, the major support level for Ethereum is $1,580 while the major resistance level is $1,655.

It is important for Ethereum to recover from $1,500 and enter higher than $1,550 to hit the bull price of $1,700. As of now, Ethereum trades at $1,634 with a high of $1,651 and a low of $1,505.