Ethereum price analysis: ETH recovers as it pushes towards $1,600

Ethereum (ETH) is contesting the $1,574 level once again after briefly falling to $1,450

Ethereum Fundamentals and past price performance

The second-largest cryptocurrency by market cap is trying to recover after experiencing the toughest week for crypto in 2021. ETH managed to bounce back from the sub $1,300 lows and push up towards $1,600 but has failed to surpass the $1,574 level several times now. However, the current move looks like a strong one. Various analysts also call for a push above $1,600 and are bullish on ETH, at least in the short term.

Taking a look at the weekly performance, ETH has posted a loss of 4.39%, falling short of BTC’s loss of 1.61%. Ethereum is currently the second-largest cryptocurrency by market cap, boasting a value of $180.85 billion.

At the time of writing, Ether is trading for $1,568, which represents a 9.96% loss when compared to its previous month’s value.

ETH/USD daily price chart analysis

Taking a look at the daily chart, Ethereum’s price has been in a decline for a whole week after ETH hit its all-time high. However, the price direction changed as ETH found support at around $1,300.

Ever since its outlook changed to bullish, ETH has been unsuccessfully trying to rise above the $1,574 level. However, this time may be different as the move is more uniform (though on slightly lower volume).

If Ether manages to push above the $1,574 pivot point, it will have to tackle the 21-day EMA almost instantly. When it comes to its downside, however, ETH is well-protected by the 50-day EMA and the $1,450 to $1,475 zone.

ETH/USD daily price chart. Source: TradingView

Ether’s RSI on the daily timeframe has started to ascend slightly, with its value still in the middle of the range. Its current value is sitting at 48.45.

ETH/USD hourly price chart analysis

ETH/USD 1-hour chart. Source: TradingView

Looking at the hourly time-frame, we can see Ether’s price rising in a very deliberate manner, only stopping to verify its position above the 21-hour EMA. ETH is now just under the $1,574, contesting the level and slowly eating the sell orders away.