ethereum price is attempting a fresh rise above $1,720 against the US dollar. eth could accelerate further if it breaks the $1,750 resistance.
- ethereum is attempting a fresh rise above the $1,720 level.
- The price is trading above $1,700 and the 100 hourly simple moving average.
- A connecting trend line is forming with resistance near $1,750 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could continue to rise if it breaks the $1,750 resistance zone.
ethereum price gains traction
ethereum price settled above the $1,650 level. eth formed a base above $1,650 and recently started a decent rise above the $1,700 level, like bitcoin.
There was a move above the $1,720 resistance level and the price tested the $1,750 zone. A high was formed near $1,756 and there was a small downward correction. The price fell below the $1,735 level. However, it is still above the 50% Fib retracement level of the recent rally from the low of $1,668 to the high of $1,756.
ethereum is trading above $1,700 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $1,750 level. There is also a connecting trend line forming with resistance near $1,750 on the hourly chart of eth/USD.
<img decoding="async" class="alignnone size-full wp-image-553686" src="https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458″ alt=”ethereum Price” width=”1024″ height=”458″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/ethereum.png?resize=1024%2C458?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: ETHUSD on TradingView.com
The next major resistance is $1,800. A clear move above the $1,800 resistance zone could set the pace for a further rise. In the indicated case, the price could visit the resistance of $1,850. The next key resistance could be $1,920. Any additional gains could open the doors to a move towards $2,000.
Are drops in eth supported?
If ethereum fails to overcome the $1,750 resistance, it could start a downward correction. Initial support on the downside is near the $1,710 level. The next key support is $1,680.
The 76.4% Fib retracement level of the recent rally from the low $1,668 to the high $1,756 is also near $1,685 to provide support, below which the price could test the support of $1,650. A downside break below the $1,650 support could start another bearish wave. In the indicated case, there could be a drop towards the $1,600 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,700
Main resistance level: $1,750
