Ethereum price is attempting a rally wave above the $1,740 level against the US Dollar. ETH could rise steadily if there is a move above the $1,780 resistance.
- Ethereum is still below the $1,780 and $1,800 resistance levels.
- The price is trading below $1,780 and the 100 hourly simple moving average.
- There was a break above a major downtrend line 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 $1,780 and $1,800 levels.
Ethereum Price Forms Support Base
Ethereum price settled below the $1,775 and $1,780 resistance levels. ETH tested the $1,720 zone and is currently forming a support base, similar to Bitcoin.
A low is formed near $1,718 and the price is attempting a wave of recovery. The price is slowly moving above the $1,740 level. There was a break above a major downtrend line with resistance near $1,740 on the hourly chart of ETH/USD.
Ether is now testing the 23.6% Fib retracement level of the main decline from the $1,854 high to $1,718 low. However, it is still trading below $1,780 and the 100 hourly simple moving average.
Immediate resistance is near the $1,770 zone and the 100 hourly simple moving average. The next major resistance is near the $1,785 level. It is near the 50% Fib retracement level of the main dip from the $1,854 high to $1,718 low.
Fountain: ETHUSD on TradingView.com
A proper move above the $1,770 and $1,785 resistance levels could send Ether towards $1,820. The next resistance lies near $1850, above which Ethereum could rally towards the $1880 level. More gains above the $1,880 resistance zone could send the price looking towards the $1,920 resistance.
Another drop in ETH?
If Ethereum fails to clear the $1,770 resistance, another slide could begin. Initial support on the downside is near the $1,730 level.
The next major support is near the $1,720 level. If there is a break and close below the $1720 support, the price could gain bearish momentum 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
