Ethereum price is showing positive signs above $1,770 against the US Dollar. ETH could gain bullish momentum if it breaches the $1,820 resistance zone.
- Ethereum is moving higher above the $1,750 and $1,770 resistance levels.
- The price is trading above $1,770 and the 100 hourly simple moving average.
- A major uptrend line is forming with support near $1,735 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could further rally above the $1,820 and $1,850 resistance levels.
Ethereum price rises 4%
Ethereum price formed a support base above the $1700 level. ETH started a decent rise after Bitcoin rallied above the $27,000 resistance zone. It broke the resistance of $1,720 to move into a positive zone.
There was a break above the $1,770 resistance zone. It even went over $1,800. A high is formed near $1,826 and the price is now consolidating gains. It is still above the 23.6% Fibonacci retracement level of the recent rise from the $1,715 low to $1,826 high.
Ether is now trading above $1,770 and the 100 hourly simple moving average. There is also a major uptrend line forming with support near $1,735 on the hourly chart of ETH/USD.
Fountain: ETHUSD on TradingView.com
Immediate resistance is near the $1,820 level. The next major resistance is near the $1,850 level. A successful move above the $1,820 and $1,850 resistance levels could send the price higher. The next resistance lies near $1,920, above which Ethereum could rally towards the $2,000 level. More gains above the $2,000 resistance zone could send the price looking towards the $2,120 resistance.
Are dips limited on ETH?
If Ethereum fails to clear the resistance at $1820, a correction to the downside could begin. Initial support on the downside is near the $1,770 level.
The next major support is near the $1,740 level or the recent low. It is near the 76.4% Fibonacci retracement level of the recent rise from the $1,715 low to $1,826 high. If there is a breakout and close below the $1740 support, the price could drop towards the $1700 support. Any further losses could perhaps send the price towards the $1,650 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 in the overbought zone.
Major Support Level: $1,740
Highest Resistance Level: $1,820
