Ethereum price is showing positive signs above $1,700 against the US Dollar. ETH could gain bullish momentum if it breaches the $1,750 resistance zone.
- Ethereum is slowly moving above the $1,700 and $1,720 resistance levels.
- The price is trading above $1,720 and the 100 hourly simple moving average.
- A key uptrend line is forming with support near $1,718 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could further rally above the $1,750 and $1,765 resistance levels.
Ethereum Price Stabilizes Above $1,700
The Ethereum price started a wave of steady recovery above the $1650 level. ETH was able to establish itself above the $1,700 resistance zone, similar to Bitcoin.
The price recently saw a bit of a downward correction from the $1,768 high. The price traded below the $1720 level but the bulls were active near $1700. A low is formed near $1,698 and the price again attempts a further rise.
There was a break above the $1,720 resistance. Price rallied above the 50% Fib retracement level of the down move from the $1,768 high to $1,698 low.
Ether is now trading above $1,720 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,718 on the hourly chart of ETH/USD. Immediate resistance is near the $1,750 level. The next major resistance is near the $1,765 level.
Fountain: ETHUSD on TradingView.com
A successful move above the $1,750 and $1,765 resistance levels could start a steady rally wave. The next resistance is near $1800, above which Ethereum could rally towards the $1850 level. More gains above the $1,850 resistance zone could send the price looking towards the $1,920 resistance.
Are Ae Dips compatible with ETH?
If Ethereum fails to clear the $1,750 resistance, another slide could begin. Initial support on the downside is near the $1,720 level and the trend line.
The next major support is near the $1,700 level or the recent low. If there is a break and close below the $1700 support, the price could drop towards the $1675 support. Any further losses could perhaps send the price towards the $1,620 zone.
technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level: $1,700
Highest Resistance Level: $1,765
