Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and may rise again towards $1800.
- Ethereum started a significant increase above the $1,650 and $1,700 levels.
- The price is now trading above $1,700 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue rising if there is a clear move above the $1.750 level.
Ethereum price rises above $1,700
Ethereum formed a base above the $1600 level and started to A significant increase. ETH managed to clear some major hurdles near the $1,650 and $1,675 levels.
The price jumped more than 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1800 level. A new multi-week high was formed near $1,784, and the price is now correcting gains. There was a slight drop below the $1750 level.
Ether price fell below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784. However, it is still well above $1700 and Simple moving average per 100 hours.
There is also a major bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD. There is an immediate resistance on the upside near the $1,740 level. The first major resistance is near the $1750 area.
Source: ETHUSD on TradingView.com
The main resistance is now forming near the $1,780 area. A clear move above the $1,780 level could push the price even higher. In the mentioned case, the price may rise towards the $1,880 resistance area.
Support dips in ETH?
If Ethereum fails to rise above the $1750 resistance, it may start a downside correction. There is initial support on the downside near the $1,700 region.
A clear move below the $1700 support could trigger a move towards the $1,670 level. It is close to the 50% Fib retracement level of the recent increase from the swing low of $1,602 to the high of $1,784. Any further losses could push the price to the support level at $1,620 or even the 100 hourly simple moving average in the near term.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is still above the 50 level.
Key Support Level – $1700
Key Resistance Level – $1750