Ethereum gained pace above the $1,700 resistance against the US Dollar. ETH is showing positive signs and might even clear the $1,800 resistance.
Ethereum started a major increase and settled above the $1,700 level.
The price is now trading above $1,700 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $1,725 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must clear $1,780 to continue higher towards $1,880 in the near term.
Ethereum Price Uptrend Intact
Ethereum remained well bid above the $1,650 level and started a fresh increase. ETH was able to clear the key $1,700 resistance zone and the 100 hourly simple moving average.
There was a clear move above the $1,750 resistance zone. A new multi-week high was formed near $1,788 and the pair is now correcting gains. There was a minor decline below the $1,750 level. Ether price declined below the 23.6% Fib retracement level of the recent increase from the $1,620 swing low to $1,788 high.
The price is now trading above $1,700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,725 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the $1,750 level. The next major resistance is near the $1,780 level. A clear break above $1,780 might send the price towards the $1,820 level. Any more gains may perhaps open the doors for a move towards the $1,880 resistance in the near term. If the bulls remain in action, the price could pump towards the $2,000 level.
Dips Supported in ETH?
If ethereum fails to rise above the $1,780 resistance, it could start a downside correction. An initial support on the downside is near the $1,720 zone.
The next major support is near $1,700. It is near the 50% Fib retracement level of the recent increase from the $1,620 swing low to $1,788 high. A downside break below the $1,700 support might spark more losses. In the stated case, ether price might drop towards the $1,650 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,700
Major Resistance Level – $1,780
