Ethereum Rockets to $1,700 as Bulls Take Over Crypto Market


Ethereum gained pace above the $1600 resistance level against the US Dollar. ETH is showing positive signs and may clear the $1,700 resistance.

  • Ethereum started a significant increase and settled above the $1600 level.
  • The price is now trading above $1650 and the 100 hourly simple moving average.
  • There was a break above the major downtrend line with resistance near $1,655 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must cross $1,700 to continue rising towards $1,735 in the near term.

Ethereum price is gaining momentum

Ethereum formed a base and Started a big increase over $1600. ETH managed to clear the key resistance area of ​​$1,620 and the 100 hourly simple moving average.

There was a clear move above the 76.4% Fib retracement level of the major decline from the $1,685 swing high to $1,490 low. Besides, there was a break above the major downtrend line with resistance near $1,655 on the hourly chart of ETH/USD.

Ether price is now trading above $1650 and Simple moving average per 100 hours. It is also testing the $1700 resistance area.

If the bulls continue to move, there could be more gains above $1,700. There is an immediate resistance on the upside near the $1,735 level. It is near the 1.236 Fibonacci extension level of the major decline from the $1,685 swing high to $1,490.

Ethereum price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,775 level. Any further gains could open the door for a move towards the resistance level at $1,800 in the near term. If the bulls continue to move, the price may pump towards the $1,880 level.

Support dips in ETH?

If Ethereum fails to rise above the $1,735 resistance, it may start a downside correction. There is initial support on the downside near the $1,660 region.

The next major support is near $1,640. The main support is now forming near the $1600 level and the 100 hourly simple moving average. A break-down below the $1600 support level could start a new decline. In the aforementioned case, the price of Ether may fall towards the $1550 level.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bullish territory.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Key Support Level – $1600

Key Resistance Level – $1,735



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