Ethereum price is finding offers above the $1,720 zone against the US Dollar. ETH could start a decent recovery if there is a move above the $1,770 resistance.
- Ethereum is struggling below the $1,770 and $1,780 resistance levels.
- The price is trading below $1,770 and the 100 hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could rally if there is a move above the $1,770 and $1,780 levels.
Ethereum price maintains support
Ethereum price remained well-bid above the $1,720 support zone. ETH seems to be forming a base above the $1720 level, similar to Bitcoin. A low is formed near $1,718 and the price is slowly moving higher.
There was a move above the $1,740 level. Additionally, there was a break above a short-term contracting triangle with resistance near $1,740 on the hourly chart of ETH/USD. The pair is now struggling to establish itself above the 23.6% Fibonacci retracement level of the key decline from the $1,855 high to $1,718 low.
Ether is still trading below $1,770 and the 100 hourly simple moving average. Immediate resistance is near the $1,760 zone and the 100 hourly simple moving average. The next major resistance is near the $1,770 level. The first major resistance is near $1,780 or the 50% Fibonacci retracement level of the key decline from the $1,855 high to $1,718 low.
Fountain: ETHUSD on TradingView.com
A proper move above the $1,770 and $1,780 resistance levels could send Ether towards $1,850. The next resistance lies near $1880, above which Ethereum could rally towards the $1920 level. More gains above the $1920 resistance zone could send the price looking towards the $2040 resistance.
New drop in ETH?
If Ethereum fails to clear the $1,780 resistance, another slide could begin. Initial support on the downside is near the $1,730 level and the trend line of the triangle.
The next major support is near the $1,720 level. If there is a breakout and close below the $1720 support, the price could start a major slide towards the $1640 support. Any further losses could perhaps send the price towards the $1,600 zone.
technical indicators
MACD per hour – The MACD for ETH/USD is losing momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major Support Level: $1,720
Highest Resistance Level: $1,780
