Ethereum price is recovering above $1,700 against the US Dollar. ETH could continue to rise if it breaches the $1,780 resistance zone.
- Ethereum was able to break above the $1,700 and $1,720 resistance levels.
- The price is trading above $1,700 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance near $1,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could further rally above the $1,750 and $1,780 resistance levels.
Ethereum Price Attempt Recovery
Ethereum price was able to form a support base above the $1,620 level. ETH started a decent rally wave above the $1,680 and $1,700 resistance levels, similar to Bitcoin.
Additionally, there was a break above a major downtrend line with resistance near $1,720 on the hourly chart of ETH/USD. The bulls even pushed the price above the $1,750 resistance and the 100 hourly simple moving average. It tested the $1,770 level. A high is formed near $1,768 and the price is now correcting the gains.
There was a move below the $1,750 level. Ether dipped below the 23.6% Fibonacci retracement level of the up move from the $1,620 low to $1,768 high.
It is now trading above $1,700 and the 100 hourly simple moving average. Immediate resistance is near the $1,740 level. The next major resistance is near the $1,770 level.
Fountain: ETHUSD on TradingView.com
The main resistance is near $1,780. A proper move above the $1,770 and $1,780 resistance levels could start a steady rally wave. The next resistance is near $1820, 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.
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 $1,710 level.
The next major support is near the $1,675 level or the 61.8% Fibonacci retracement level of the up move from the $1,620 low to $1,768 high. If there is a break and close below the $1675 support, the price could dive towards the $1620 support. Any further losses could perhaps send the price towards the $1,550 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 below the 50 level.
Major Support Level: $1,675
Highest Resistance Level: $1,780
