ethereum price started rising decently after bitcoin gained momentum against the US dollar. eth is rising and could test the key resistance at $1,750.
- ethereum started a decent rise above the $1,650 resistance.
- The price is trading above $1,660 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $1,645 on the hourly chart of eth/USD (data via Kraken).
- The pair could rise further but could face strong resistance near $1,750.
ethereum price recovers $1,650
ethereum remained above the $1,550 support zone. The recent surge in bitcoin above the $28,500 resistance sparked bullish moves in eth. There was a steady rise above the $1,600 and $1,620 resistance levels.
The price even surpassed the key $1,650 resistance zone. A high is formed near $1,700 and the price is now consolidating gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the low of $1,620 to the high of $1,700.
ethereum is now trading above $1,660 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,645 on the hourly chart of eth/USD. The trend line is near the 61.8% Fibonacci retracement level of the upward move from the low of $1,620 to the high of $1,700.
On the upside, the price is facing resistance near the $1,700 level. The first major resistance is near the $1,720 area. The next key resistance is $1,750, where the bears could emerge. To continue rising, the price must settle above the resistance at $1,750.
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Fountain: ETHUSD on TradingView.com
In the indicated case, Ether could start a strong rise towards the resistance of $1,880. Any additional gains could open the doors to a move towards $2,000.
Downward correction in eth?
If ethereum fails to overcome the $1,700 resistance, it could start a downward correction. Initial support on the downside is near the $1,660 level.
The next key support is $1,645 and the trendline area. A downside break below the $1,645 support could push the price down further. In the indicated case, the price could fall towards the $1,620 level and the 100 hourly simple moving average. Any further losses could perhaps send Ether towards the $1,550 level.
Technical Indicators
MACD hourly – The MACD for eth/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now above the 50 level.
Main Support Level: $1,645
Main resistance level: $1,700
