Ethereum gained pace above the $1,700 resistance against the US Dollar. ETH is showing positive signs and may clear the resistance level at $1,800.
- Ethereum started a significant 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 major bullish trend line forming with support near $1,725 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must cross $1,780 to continue rising towards $1,880 in the near term.
Ethereum price update
Ethereum supply has remained well above the $1,650 level and has started to new increase. ETH managed to clear the key $1700 resistance area and the 100 hourly simple moving average.
There was a clear move above the $1750 resistance area. A new multi-week high formed near $1,788 and the pair is now correcting its 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 swing low of $1,620 to the high of $1,788.
The price is now trading above $1700 and Simple moving average per 100 hours. There is also a major 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 $1750 level. The next major resistance is near the $1,780 level. A clear break above $1,780 could send the price towards the $1,820 level. Any further gains may open the door for a move towards the resistance level at $1.880 in the near term. If the bulls continue to move, the price may pump towards the $2000 level.
Support dips in ETH?
If Ethereum fails to rise above the resistance at $1,780, it may start a downside correction. There is initial support on the downside near the $1,720 area.
The next major support is near $1,700. It is close to the 50% Fib retracement level of the recent increase from the swing low of $1,620 to the high of $1,788. A break-down below the $1,700 support level could lead to further losses. In the aforementioned case, the price of Ether might fall towards the $1650 level.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1700
Key Resistance Level – $1,780